Fortress Investment’s Mike Novogratz Drops $52.5 Million in BlockFi Crypto Startup

Mike Novogratz Invests $52.5 Million in Crypto Startup, BlockFi

In a recent announcement, it has been noted that crypto fanatic and CEO of Galaxy Digital, Mike Novogratz has invested $52.5 million on behalf of its firm to a crypto startup called BlockFi. BlockFi is a firm that focuses on facilitating the distribution of loans using cryptocurrency.

BlockFi allegedly supports a total loan amount of USD $10 million, which users can obtain as long as they can place their bitcoin [BTC] or ethereum [ETH] holdings as a surety.

As per Business Insider’s reporting, the Founder of BlockFi, Zac Prince has successfully raised funds in two rounds. A report published by CoinDesk revealed that the firm also secured a funding of about $1.6 million combined from ConsenSys, SoFi and Kenetic Capital.

In an interview with Business Insider, Prince shared current demands within the crypto sphere, adding that there are more opportunities in “fixed-income and debt investments”, as well as traditionally existing payment methods like the various credits.

As for the BlockFi’s team, Prince previously held the position of Senior Vice President of Cognical and recently on-boarded Rene van Kesteren, who evidently excels in equity management and has experience doing so at the Bank of America.

Novogratz, who has taken many public stages to express his support for the crypto market, which originated back when bitcoin was just taking the stand, has been showing support for multiple blockchain startups through his generous contributions.

BlockFi is the most recent one to make his list of investments, along with the likes of High Fidelity (USD $35 million) and AlphaPoint (USD $15 million).

It appears that Novogratz is fond of BlockFi because of their “institutional approach”, adding that their sole reason for partnering up with them had to do with BlockFi’s “deep lending expertise.”

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