Galaxy Digital – World's First Cryptocurrency Bank
The fanaticism towards digital currencies has certainly propelled the establishment of crypto-based economic platforms as well as the thriving of entrepreneurial ideas. The latest significant move is the announcement of the upcoming Galaxy Digital bank, an institution created by Michael Novogratz solely to serve the blockchain-based crypto sphere.
By launching this bank, Novogratz, CEO of Galaxy Investment Partners, will be an industry pioneer as there is no other financial enterprise that is dedicated to blockchain-based projects. In his proposal, Michael indicated that he intends to make Galaxy Digital a fully functional bank exclusively for handling digital assets. Furthermore, the bank will offer services such as principal investment, consultancy, distinct trading and asset management.
It is rumored that Novogratz is so determined to see this project through that he has put all his crypto assets towards funding Galaxy Digital. On its part, Bloomberg says that Novogratz needs $200 million to put up the digital bank. If his venture turns out well, Michael will then list Galaxy Digital LP in the Canadian TSX Venture Exchange.
Actually, the bank is a result of a joint effort from Bradmer Pharmaceuticals, First Coin Capital Corporation and Galaxy Digital LP.
The launch of a digital assets merchant bank is just the beginning. Going by the mass adoption of cryptocurrencies as well as their continuous unprecedented success, this trend is set to go on. In the future, the disruptive prosperity of virtual currencies will definitely spur the invention of new business ideas.