Billionaire Mike Novogratz recently revealed his cryptocurrency “merchant bank” called Galaxy Digital.
Novogratz, a former chief investment officer for Fortress, is the man behind the launch of Galaxy Digital, which is touted to be a “full service, digital assets merchant bank.”
Described by as a sort of “Goldman Sachs for crypto,” reports indictaed that the plan is to get the company listed on the TSX Venture Exchange.
They are also gearing up to raise north of $200 million.
The venture will not offer any services to residents of the United States, according to the release, which said:
“Galaxy Digital is undertaking the Transaction in order to raise primary capital towards building a best-in-class, full service, institutional-quality merchant banking business in the cryptocurrency and blockchain space.
“This corporate development is an important step in the evolution of the Firm’s lifecycle and provides Galaxy Digital with a strong foundation from which to build and expand its platform, network, and brand.
Galaxy Digital will include Mr. Novogratz’s portfolio of digital assets.”
While Novogratz’s group has a plan for the future bank’s operations, as well as a list of Galaxy Digital’s management, the release noted that the proposal was dependent on being accepted by the Canadian TSX Venture Exchange, all parties completing their due diligence inspecting company assets, and the formation of a board of directors independent of both Galaxy Digital and Bradmer.
The groups seeks to complete their due diligence work before the end of the first quarter in 2018.
Galaxy Digital was previously set to launch a cryptocurrency hedge fund before Novogratz thwarted the launch in late December.
At the time, he claimed the challenges involved in managing clients’ cryptocurrencies in addition to his own portfolio and other conflicts of interest.
He also named market conditions – bitcoin had fallen nearly 50% in the previous few days – according to a previous report.
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