Galaxy Digital Sees Significant Growth In First Three Quarters, Income Up 133% In 2019

Galaxy Digital is the digital currency bank involved with Mike Novogratz and as things stand now for the firm, there is good news. In the first 9 months of this year alone, the enterprise has made a head-spinning sum of $58.4 million as a net income. This corresponds to a massive 133% rise when compared with the same duration in 2018.

Their third-quarter financial analysis clearly showed a net loss of $68.2 million in the quarter. This was even in the face of an overall profit in the first three quarters of the same year. The loss was blamed on over-the-counter trading which one of the most significant aspects of their business. Over-the-counter trading brought in as much as $43.3 million in losses alone.

Not All Bad News

Well, it was also not all bad news for the enterprise. There was also some good news here and there. As for the trading division of the venture, there was a rise of almost 50% in the sum of onboarded counterparties in the third quarter when compared with Q2.

In addition to these, the asset management division of Galaxy Digital also had a sum of $336 million in assets that were being managed. This was the figure as at the end of September of this year. Out of this sum, $325 million was dedicated to the EOS fund. The fund has been instrumental in the investment in several areas in the third quarter. These include venture investments to brands like Predictive Pop, Loopland Group Holding, Immutable, Versiart and FinCo Services.

Through the 10th month of this year, the sum of investment that the venture has made was $156.5 million in all. A quick look at the figures shows that is actually a $22.9 million reduction when compared with the records of 2018. When a similar comparison is done for the total digital asset, it ended at $133.5 million which is a $63.7 million rise from what was obtained last year.

Brighter Times Ahead

Although overall, it can be said that this quarter has been a particularly challenging one for the cryptocurrency niche as a whole, Galaxy Digital seems to be on the right path. It is more than determined to record success at every level. The venture has three main business lines of operation and it is working on making the most effective use of its resources to ensure that they get the best results.

Michael Novogratz is the founder and chief executive officer of the brand and he has made 4this very clear. He believes that effective use and spread of resources will allow them not just gain ground but result in overall excellent performance. He explained that the second half of 2019 has been a very eventful one. It was also a period that gave the brand the opportunity to make the best of existing relationships and upgrade their position. The position being talked about here is the one they occupy in the blockchain technology industry.

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Author: Ali Raza

Mike Novogratz Has a Theory About How Institutions Enter the Bitcoin Ecosystem

Mike Novogratz wants Bitcoin to be successful. This is no secret, as he owns Galaxy Digital, a company that offers crypto investments to wealthy people. Now he has a theory on how to get more institutions investing in the asset. He believes that targetting to wealthiest of all Americans, the baby boomers are a good idea.

According to the CEO of Galaxy Digital, elderly people tend to shy away from assets that are considered more speculative, which is why they are not so eager to invest in Bitcoin as Millenials, for instance. Now, he wants to change that with his new products, two crypto funds that cater to these specific investors.

A new piece of research made by CoinRadar shows that over 70% of all people with 55 years or more don’t really own Bitcoin or want to do it. As they hold most of the money and the current generation is at least 12 times poorer than them, they are the most interesting investors for companies such as Galaxy Digital.

Novogratz understands that a lot of billionaires are into crypto right now and believes that more Wall Street investors will move into this new market, but to him, the main point is to get baby boomers more interested in Bitcoin.

It is important to understand their realities and how they can be interested in the asset. This way, a whole new way of investments will be open to the company and these two new funds that were created are just the first step for that.

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Author: Gabriel Machado

Mike Novogratz Praises China’s President Blockchain Remarks, Giving Crypto Real Credibility

At the Reuters Global Investment Outlook 2020 summit in New York on November 5, Mike Novogratz spoke about the future of cryptocurrency.

Mike Novogratz, the CEO of Galaxy Digital, is a long-term blockchain investor and advocate. Despite the crash in the prices of crypto last year which made him readjust his expectations, Mike continues to remain optimistic about the future of digital assets.

“I think ambitions have been tempered a little bit by reality,” he said commenting on the progress of blockchain.

“I think the timing is going to take longer than people had hoped. But it’s going to happen.”

The sudden fall in crypto prices last year was marked by many touting it as just another bubble. However, Mike believes that in the future, cryptocurrencies will play a huge role in our everyday lives.

The initial coin offerings had hit the market peak in 2018 at a whopping $800 billion. Since then cryptocurrencies have tanked and wiped away 85 percent of their total market value.

As the founder of a company that invests in crypto, Novogratz, affected by such a dramatic fall in the prices last year said that he was probably “too greedy” as his company relied on hedging strategies that did not fully protect investors.

He mentioned the Libra project that seeks to integrate blockchain technology into existing financial services. Talking about the sudden controversies surrounding Libra, he believes that Facebook could have spared itself a lot of flak had it described the project as a payment tool instead of a global currency.

He also believes that the recent comments by Chinese President Xi Jinping on blockchain were responsible for the surge in bitcoin prices. Last month the President had urged his people to embrace blockchain technology, however, China’s state publication was quick to point out that President’s comments were not supposed to be confused with the state’s stance on cryptocurrencies.

Though crypto trading continues to remain formally banned in China, on November 6, China took a step towards crypto by declaring that mining crypto would no longer remain undesirable in the country. It would perhaps not be too far fetched to believe that China’s central bank might perhaps be the first to launch a digital currency successfully.

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Author: Sakshi Jain

Novogratz Is Bullish On Bitcoin; As Galaxy Digital, Leads $20M Funding For Current Mobile Banking App

Galaxy Digital CEO, Mike Novogratz remains bullish on Bitcoin’s long term price while speaking in an interview with CNBC on Thursday. The bullish statements follow the recent investment in Current, a millennial and Gen-Z focused bank with a blockchain wallet, by Galaxy Digital, who led the $20 million Series B funding round. Mike further confirmed the company is planning to launch BTC custodian services through a Bitcoin Fund in the future.

Current raises $20 million in a Galaxy Digital led Series B round

The fundraising attracted a number of top firms in the crypto and traditional finance industry including Galaxy Digital EOS Fund, Wellington Management Company, CMFG Ventures, and the venture capital arm of CUNA Mutual Group, a mutual insurance company. The company aims to develop effective and fun applications for teens and younger generations to easily access financial systems.

According to the official release, the company claims to have raised a total of $45 million in total so far and has registered close to 500,000 customers.

Speaking on the investment on Current, Galaxy Digital co-founder, Sam Engelbardt said,

“In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs.”

The latest investment by Galaxy Digital comes on the back of bullish statements from CEO, Mike Novogratz, who believes the current drop in BTC’s price below $7,500 is a short term correction.

Novogratz confirms the launch of Galaxy Digital BTC fund

In an interview on CNBC, Mike Novogratz – who earlier predicted a possible bearish momentum in price at the close of October – said he is not sure of the exact direction BTC’s price will take in the short term. He, however, remains bullish on the long term prospects of BTC, targeting the $10,000 level.

He said,

“I’m hoping it holds here. $6,500 would be the next downside…I think you got to get back through $8,200 first and if it gets back through $8,200 we’re then back at the $8,000-$10,000 range. It’s going to need new energy to really make the big move.”

In the interview, Mike also confirmed his firm is looking forward to launching a Bitcoin fund with the project in the works. The Bitcoin mogul said the fund will act as a custodian, protecting the customers’ assets on the platform.

He explained,

“It’s just a bitcoin fund that takes care of custodying it, takes care of pricing it…It’s got one-week liquidity. So it just allows people to invest in bitcoin without setting up a Coinbase account, without worrying that their phone is going to get lost.”

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Author: Lujan Odera

Billionaire Mike Novogratz Says Cryptos Are A Lot Like Peloton, Comments on BTC Up 180% in 2019

Mike Novogratz, the owner of Galaxy Digital, has recently talked about the crypto market. According to him, the institutions will really enter the market when the prices start to rise again. He believes this because he is already seeing how they are slowly entering the market.

The trader affirmed that mainstream adoption is slower than many people tend to think, so they need to be slow but affirmed that it was a certainty that they would eventually enter the market.

Novogratz also affirmed that it could take five to six years before the crypto market would really start to affect the lives of everybody. The bull run of 2017 made people see the market in an unrealistic way and make them believe that the revolution was just around the corner when a change takes time.

He also compared cryptocurrencies to Peloton Interactive. This company is promoting its Initial Public Offering (IPO) this week, but it prepared for eight years before it reached this point. Novogratz was one of the seed investors and he compared both investments to show how it may take time until something is ready to finally achieve its potential.

Despite the “slow” adoption, Bitcoin is still around 200% up this year. Not a bad result. There are several factors that are still in the way of mainstream adoption, for instance, regulation. In any case, Bitcoin is generally faring better and we’ll probably see better results soon if are to believe Novogratz.

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Author: Nirmala Velupillai

US Secretary of State Wants Bitcoin To Be Regulated Similar to Other Electronic Transactions

Mike Pompeo, the U. S. Secretary of State, wants to regulate Bitcoin (BTC). According to him, the asset should be regulated in the same way that all other financial transactions which made online currently are.

During a recent interview with CNBC’s Squawk Box, he affirmed that anonymous transactions are very risky and that terrorists might start to use it if they remain unregulated. According to him, the country has moved forward a lot when it comes to tracking money, so not doing it would open a breach for illegal activities.

To him, if anonymous transactions become the norm, this would greatly decrease the security of the whole world, which can become an issue as time passes.

The host of the show, Koe Kernan, brought up that the Treasury Secretary Steve Mnuchin affirmed that more Bitcoin is used for illegal activities than cash. Pompeo supported the other secretary in his allegations against crypto.

According to Mike Pompeo, however, the main difference between him and his colleague is that Mnuchin wants a very tight and specific regulation on Bitcoin, while he believes that the asset should just be regulated as any other asset currently is.

Unfortunately, neither of the secretaries seem to understand Bitcoin very well. It has been proved several times that fiat currency is used way more than Bitcoin in money laundering and terrorism financing, so there is no excuse to keep being ignorant on the subject.

Bitcoin is also very hard to regulate, so they would probably have a very difficult time to do the same that can be done to similar digital transactions.

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Author: Lillian Peter

Mike Tyson’s New Startup ‘Fight to Fame’ Will Mix Up Entertainment with The Blockchain

Mike Tyson, the famous American boxer star, has recently decided to create a new startup. The platform is set to be an entertainment platform for fighters that will be called Fight to Fame.

This new platform is set to use the blockchain technology to create the conditions that will help aspiring fighters to reach success.

According to Tyson, the platform, which will have Farzam Kamalabadi as CEO, will fulfill one of his goals, which was to be a mentor for new generations of boxers. He affirmed that he’s interested in helping them to find success and real compensation in their careers, so this platform will be his pet project.

Kamalabadi affirmed that the blockchain will be important because it will enable the participants to solve problems that were simply impossible to solve before. This way, fighters can use fan tokens to get money other than the fees that they normally get in the industry.

In this model, the fans can also gain money if the value of the tokens goes up, which can help the fighters and the communities of fans which are created around them.

The new platform is set to be “fully immersive” and use the blockchain to provide a completely new experience. It was also affirmed that the project can be important for the blockchain industry as well. Tyson is a very famous figure, so his endorsement of projects like this one will certainly be important for them to be successful in the future and can drive adoption up.

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Author: Hank Klinger