Galaxy Digital, the crypto investment bank created by Michael Novogratz, has recently gained approval from the Financial Industry Regulatory Authority (FINRA) to engage in a new kind of operation. Now, the digital bank will be able to underwrite registered public offerings of securities in the U. S.
This plan has not started today. Galaxy Digital was already planning to work on token offerings for a while now. Novogratz, the founder of the company, has worked on Goldman Sachs before, so he really understands the financial market very well. According to him, underwriting securities offerings can be a huge opportunity for the company to expand the reach of its services.
According to Novogratz, the crypto industry is still very young and so is the company. Because of this, he believes that the right way to go is to be sober and patient. This way, the business will naturally grow over time, which is exactly what it is doing right now.
The executive also affirmed that one of the reasons to get this new approval was because there are already some signs that this is a space in which growth is possible.
Speaking about growth, some companies in the industry are already interested in Initial Public Offerings (IPOs). Bitmain and Coinbase, for instance, are two large firms of the crypto space which were already reported to be interested in this kind of move.
With the growth of the industry, we’ll possibly see many other companies entering this market as well.