Billionaire investor Mike Novogratz (Michael Novogratz) from bitcoin to the end of last year, citing market volatility, and in the end refused to create their long-awaited cryptocurrency hedge Fund. Now he’s back with an important market announcement regarding plans to open a full commercial cryptocurrency of the Bank, which, as some believe, Goldman Sachs will be for the industry. The Novogratz invests its own $ 400 million in cryptocurrency in this ambitious project.
New year with the beginning marked an important milestone when the British Bradmer Pharmaceuticals spoke about the ambitious partnership with the famous investor Michael Novogratz. The aim of cooperation is to create a cryptocurrency commercial Bank Holding Galaxy Digital. The news appeared January 9.
«In the framework of the proposed transaction Galaxy Digital is founded as a fully functional commercial Bank’s digital assets, which will deal with the manufacturing, asset management, basic investment and consulting activities. Bradmer, First Coin and Galaxy Capital Digital will create a commercial Bank, which will be listing on the TSX Venture Exchange is a canadian electronic trading platform».
Shortly before the end of December it was reported that the Novogratz excited bitcoin price jump, which forced him to abandon long-cherished ideas they create a cryptocurrency hedge Fund.
«We didn’t like the market conditions, and we decided to reassess our actions,» — said the billionaire. «It seems to me now to stop and think – the most competent decision».
Currently, «personal investment Michael Novogratz, Galaxy Digital, makes a transfer of funds, which will be the primary capital to create best-in-class full commercial Bank in the industry of cryptocurrency and blockchain», it said in a press release.
It is necessary to give the Novogratz tribute – everyone can risk someone else’s condition, but not everyone is willing to invest their own money.
«Galaxy Digital will use its close ties with bitcoin and other cryptocurrencies to return the profits of the four major business segments». The Bank will engage in trade, the primary location of the token and the management of third party assets. in Addition, in conjunction with the First Coin, the company will work in the direction of consulting.
Is expected to overcome most of the regulatory barriers will be completed by the end of the first quarter thanks to the use of the popular method of the reverse takeover (RTO), avoiding costly initial placement of shares on the market.