Galaxy Digital will raise $ 50 million for the development of institutional services in the cryptocurrency industry
Mike Novogratz’s company Galaxy Digital Holdings Ltd. announced a $ 50 million private fundraising round. It is expected to be completed in November 2020 following approval by the Toronto Stock Exchange.
Investors such as Slate Path Capital LP, CI Investments, NZ Funds and Corriente Advisors have expressed their willingness to provide the company with the required amount in exchange for its own shares. Galaxy Digital will leverage the raised funding to cover operating costs and launch new products, with particular attention to the needs of institutional investors.
“The growth in funding from established investors is further confirmation of the correctness of Galaxy Digital’s chosen strategy to create a channel to connect institutional investors from traditional finance to cryptocurrency markets,” said Christopher Ferraro, President of Galaxy Digital. – 2020 has witnessed widespread institutional acceptance of blockchain and cryptocurrencies. We are experiencing significant growth in demand from institutions for crypto-related financial products and services “.
The company has raised $ 700 million to date, according to Galaxy Digital’s LinkedIn page..
“Given the risks, it is easier to bet on bitcoin now than it has ever been before. The level of risk is decreasing every day, “Novogratz wrote recently..
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