PineByte has acquired 100% of the assets of US based social trading community, FX Junction, effective February 10, 2016. The acquisition of the largest open social forex network will enable PineByte to expand its FinTech business into social trading.
Founded in 2011, FX Junction was the first open social network of Forex traders from around the world. FX Junction enables its members to simply and easily communicate trade information and interact with other traders of all experience levels. FX Junction provides its members with the ability to discuss and follow each other’s trades in real-time; analyze performance by encouraging transparency and information sharing. Today, FX Junction has become the leading open social trading network with over 24,000 active members who are connected to over 750 brokers. In addition, FX Junction offers its social trading software as a white label solution to financial institutions wishing to expand their brokerage services into the popular social trading space.
The purchase of FX Junction was financed entirely by equity capital. The parties have agreed not to disclose the purchase price. PineByte is determined to continue building on the success of FX Junction through improvements to the interface making it compatible with mobile technologies as well as expansion into other asset classes including exchange traded futures and securities.