cryptocurrency is becoming more mainstream by the minute. Certain countries like South Korea are rejecting it, while others such as Venezuela are embracing it. Billionaire Michael Novogratz is one of the many Crypto supporters and is using his wealth to build the world’s first cryptocurrency bank.
Goals and services
According to Bloomberg, Novogratz is taking his success from Wall Street and channeling it into a full-service merchant institution. It will be dedicated to cryptocurrency and ventures that are based in blockchains. If the IPO of his company is successful, he estimates that it will raise upwards of $200 million.
One of his major goals is to get the company listed on the Canadian TSX Venture Exchange as well.
The bank will be named Galaxy Digital, focusing on trading, investing, asset management, and advising. Novogratz is confident that it will grow into the “Goldman Sachs of crypto." Unfortunately, no services will be offered to residents of the United States as described in the official press release.
Along with Galaxy Digital, Michael has his eyes set on the Canadian crypto startup First Coin Capital Corp. He wants to buy the company and then merge it with another Canadian company called Bradmer Pharmaceuticals.
How it will be accomplished
Building Galaxy Digital will not be a cheap business venture either, with Mr.
Novogratz investing $400 million to get it started. To achieve this amount, he is reportedly using his total crypto investment portfolio including coins, ICO’s, stakes and more.
He won’t be alone, either, banding together an impressive management team consisting of:
- The former header of RBC Capital Markets global arbitrage, Richard Tavaso.
- Christopher Ferraro who worked previously for HPS Investment Partners and BlackRock Kelso Capital Advisors.
- David Namdar, a previous worker for Millennium Partners and UBS AG.
This is easily one of the largest cryptocurrency projects to emerge and at a great time too.
With such quickly rising interest in crypto, creating a service like this could be a goldmine. Many individuals are also losing trust in traditional financial markets and are moving to cryptocurrency for more security.
The first transactions for Galaxy Digital are slated to take place within the first quarter of 2018. Whether or not the company achieves its goals, the project itself is an incredible mark in cryptocurrency history.
What do you think of this new venture?
