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Mike Novogratz Has Raised $ 250 Million For A Cryptocurrency Bank

mike novogratz

The billionaire and head of Galaxy Investment Partners Mike Novogratz successfully raised the necessary amount of investments for the launch of Galaxy Digital, a cryptocurrency trading bank whose shares will be quoted on the Canadian stock exchange TSX Venture Exchange. 

Despite the largest in the history of the cryptocurrency market collapse, Novogratz still raised $ 250 million, which is a quarter more than the originally planned amount.

The most of the names of investors remain unknown,because the fundraising has conducted in the form of a private placement, which does not imply full disclosure of participants.  Nevertheless, Bloomberg reports that among venture capitalists was billionaire Terry Gou.

Novogratz plans to invest raised funds in the purchase of the Canadian startup First Coin Capital, and then reverse the takeover of Bradmer Pharmaceuticals, traded on the Canadian stock exchange TSX Venture. After the takeover, the company will be renamed to Galaxy Digital.

According to Novogratz, the trading bank of Galaxy Digital is called to become "Goldman Sachs of crypto". Thus, in particular, the new company will specialize in cryptotrading, invest in blockchain startups and ICO, provide consulting services, and launch a wealth-oriented asset management service.

It is expected that the new company would added in the listing of TSX Venture already at the end of the first quarter of 2018.

Recall, Mike Novogratz presented in the compiled Forbes rating of the richest representatives of the cryptoindustry. His capital is estimated at $ 0.7-1 billion.