1Forge is Disrupting the Fintech Data Industry
New York, New York, July 4, 2017 (Newswire.com) - For years, real-time financial data was hard to get and expensive. The industry was dominated by powerhouses like Thomson Reuters and Bloomberg. However, thanks to the Fintech boom that has taken San-Francisco and New York City by storm, there is a demand for accessible and reasonably priced financial data.
1Forge is a medium-sized Financial data vendor that was founded in Southeast Michigan in 2014 and is now headquartered in Bayonne, NJ - just outside the financial capital of the world. 1Forge started as a software development vendor focusing on gaming and finance applications for mobile devices and the web. While developing financial data applications they found that it was nearly impossible to find reliable and reasonably priced financial data: the powerhouses like Reuters were hesitant to deal with a small start-up, and intermediaries such as Xignite were still too costly. Thus, 1Forge switched it’s focus almost entirely to providing financial data to customers who, like them, didn’t have the clout or money to deal with Bloomberg or the other giants.
We are able to get an edge on our competition by utilizing the latest technologies, like Redis for example, which allows us to store real-time data such as quotes in memory so we can avoid reading/writing it to a database which greatly improves the speed of our data.
Younger company, newer technologies
Younger and leaner, 1Forge is able to utilize newer technologies that would take a giant like Morningstar months or years to implement. While industry leaders like Xignite and Reuters are stuck using outdated technologies like ASP.net and JSP, their younger counterparts are using fast-moving modern technologies like Redis, NodeJS, PHP 7, Facebook’s React and Google’s AngularJS.
DDoS attacks and Industry Drama
Because of the speedy market acquisition shortly after launching their Forex data product, 1Forge was a constant target of DDoS attacks, which is a risk any small company takes when entering a market full of behemoths. In an email to customers in June of 2017, 1Forge claimed the attacks had subsided and that the one of the culprits had been identified as a competitor, stating “We deeply apologize for the temporary downtime experienced by US and European customers today. We have issued credits to all accounts to compensate for the inconvenience. One of the attackers has been identified as one of our competitors, however, we have been advised not to name them until legal proceedings have taken place. We have partnered with Cloudflare and another anti-DDoS partners to help prevent future attacks.”