New Crypto Bank Makes Late Start After Bitcoin Plummets
Mike Novogratz recalls his challenges when working with a new cryptocurrency focused merchant bank. The new bank called Galaxy Digital LP, has basically put him at the point of no return. In just two days the new crypto Bank Galaxy Digital LP will begin to trade on the massively successful TSX Venture exchange of Toronto. The new launch is a glorious moment for the former partner of world famous Goldman Sachs Group Inc.
According to Mike, the move was anything but easy due to high demands in regulation set by Canada that forced the company to postpone launching by months, essentially pushing his investors to wait while they watched Bitcoin prices plummet from The high of $20,000 back in 2017.
The reason is likely due to the onslaught of less than authentic companies launched in Canada, which made regulators nervous about all companies, causing the delay of the digital banks launch. the process is something that Canadian mining companies have used for a considerable amount of time, it's basically a basically reverse takeover.
The system in place, run by regulators believes there’s no balance in the system, requiring more due diligence to be incorporated when starting a business like this. The issue on regulations, is that it’s forcing several companies, who are authentic and working with integrity, to suffer. Galaxy Digital was highly interested in a quick and easy launch but due to the regulators it came hard and long.
The highly anticipated launch has already begin selling shares, which is likely comforting for Mike, considering he's a former Wall Street Trader of cryptocurrency. He specialized in Ether and Bitcoin, which is why he decided to participate in the launching of the new bank .
Galaxy Digital, is scheduled to start trading August 1st. It is going to be live in New York other cities and eventually in Europe. this isn't some small venture, it's a hugely massive worldwide endeavor to create a secure Financial platform. And if that’s not enough for you Galaxy Digital will also have portions of its company in Asia, not to mention will be working closely with the financial giant Bloomberg. There's no doubt in the mind of anyone that Galaxy Digital will see huge profits by the end of the year and well into 2019. Especially with the support of Bloomberg’s cryptocurrency division.
Now that the hurdles have been jumped over, and the red tape dealt with, it should be an easy roll out for Galaxy Digital’s new bank. Hopefully for the company, everything will go smooth and shares will climb at a consistent basis. The only issue for Mike, is Canada's crypto scene and capital markets have fallen off somewhat. But this also happened in the United States and for Bitcoin itself, and just look at what’s happening now with the climb happening again.
How do you think the new bank will endure? leave your thoughts in the comments section below .