Mike Novogratz, former principal and macro fund manager at Fortress Investment Group (FIG) wants to create a cryptocurrency merchant bank. The billionaire investor is thinking in long term investments in the cryptocurrency industry. The project has raised $250 million dollars from private investors and it is expected to keep growing in the next few days. The cryptocurrency bank is expected to be called Galaxy Digital.
Cryptocurrency Bank Galaxy Digital
Galaxy Digital is gathering support from people from all over the cryptocurrency space. Terry Gou, a Taiwanese important tycoon and founder of Foxconn said that he wants to start with this bank immediately.
The bank is expected to manage assets, make principal investments and provide consultancy for consumers who are trading cryptocurrencies. This is the first commercialized bank-oriented venture to be created in the near future.
About cryptocurrency investments, Michael Novogratz commented on Twitter:
“Galaxy is building out a full fledged crypto merchant bank. I have over 30 percent of my net worth in crypto assets. We have venture bets, ICO’s, tokens, investment funds, mining and advisory. We also trade very actively. We are making a large long-term bet on crypto.”
Galaxy is building out a full fledged crypto merchant bank. I have over 30 percent of my net worth in crypto assets. We have venture bets, ICOs, tokens, investments in funds, mining and advisory. We also trade very actively. We are making a large long term bet on crypto.
— Michael Novogratz (@novogratz) December 22, 2017
At the same time, Novogratz received important support from Anggriani, a senior member of Bitcointalk. He said that Novogratz is a very smart person in managing investments and that he is excited about Digital Galaxy.
“It is not surprising that a former portfolio manager is a very smart person in managing and choosing investments,” Anggriani said. “That’s why he can take advantage of the opportunities that happened yesterday and generate profit. I am very excited and will be waiting for the digital galaxy that will be made by him.”
Novogratz Defender of the Cryptocurrency Space
Mike Novogratz has always been an important supporter of cryptocurrencies. He has also answered Jamie Dimon, JP Morgan Chase CEO who said that cryptocurrency investors are stupid. Jamie Dimon, one of the most powerful and important bankers in the world, has been always attacking Bitcoin and cryptocurrencies.
Jamie Dimon, in the other side, was defending this space. ‘Jamie Dimon gets paid to worry about bitcoin because he is a rent-taker. His bank is in the crosshairs of the crypto-revolution. He is going to lose,’ Novogratz commented about him.
Novogratz has been investing in cryptocurrencies. He was starting a cryptocurrency hedge fund with $500 million dollars of which $150 million of his own. Unfortunately, and due to the correction in the cryptocurrency market, the fund is frozen. According to Novogratz, the fund should start as soon as Bitcoin starts to recover from being traded under $6,000 dollars.
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Image: Business Insider
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Tags:BankBitcoin BankBitcoin InvestmentsCryptocurrency BankCryptocurrency Hedge FundCryptocurrency InvestmentCryptocurrency InvestmentsFInancial Institutions BitcoinGalaxy DigitalMichael NovogratzMike Novogratz