Former hedge funder manager, Mike Novogratz has recently invested $15 million in AlphaPoint Corp, an exchange platform that supports blockchain tech and cryptocurrencies, as an effort to further develop the crypto-sphere. The announcement made Thursday, confirms that Novogratz’s firm, Galaxy Digital will be part of this effort.
The current crypto market has been seeing severe dips and an overall stagnated performance, which has had many users reconsidering their investments. It appears that Mike Novogratz will not be taking any of the downward trends into consideration, as he plans to continue his journey within the crypto world.
To show that he is in full force, the crypto fanatic has managed to form many alliances. For instance, in May, Galaxy Digital and Bloomberg got together to create the Bloomberg Galaxy Crypto Index (BGCI), a tool that has been designed to measure the overall performance of the highly traded cryptos. As for Galaxy Digital’s future goals, it appears that the firm will be working towards raising $190 million to get the Galaxy shares onto traditional exchanges.
US Securities and Exchange Commission (SEC) recently surprised the crypto universe, as the long-debated classification of cryptos has had some clarifications. Mainly, SEC stated that Ethereum will no longer be considered a “security”, along with a few other cryptos. This, for the time being, does not apply to all cryptocurrencies, however, many are regaining their confidence after several months of red zones.
What do you guys think about Mike Novogratz's AlphaPoint cryptocurrency exchange fund investment during the current climate and bear market we are in? It goes to show you how some leaders are rising to the top and putting their money where their future is and building tomorrow's platforms today.