Mike Novogratz’s Galaxy Digital Hires Real Estate Expert Ian Taylor To Spark Asset Tokenization Drive
Galaxy Digital Hires Real Estate Expert Ian Taylor To Spark Asset Tokenization Drive
In a bid to advance its investment objectives in the real estate market, US-based asset management company Galaxy Digital Holdings Ltd has announced its hiring of an investment banker and real estate expert, Ian Taylor from US banking giant, Goldman Sachs.
Galaxy chief executive officer and crypto merchant, Mike Novogratz made an announcement on Wednesday evening at a press conference in Toronto that the company will join the asset tokenization trend that is taking over crypto community.
The interest of Galaxy signals the company’s first involvement in asset tokenization, making Novogratz the first member of the crypto community to adopt the 2018 steady tokenization trend.
Asset tokenization is the practice of converting real world assets such as diamonds, gold, paintings, and company stocks to crypto coins and linking their ownership to a particular blockchain so that they can easily be tracked and exchanged.
The practice is becoming more and more popular with the increasing interest in digital investment and the optimism crypto investment has shown in the last few years, especially in moving ‘real world’ assets onto blockchain.
It is no surprise then that Galaxy jumps into the asset tokenization services because a large amount of investors and investment platforms are willing to adopt the practice in order to be able to sell off their shares rather than holding on to them.
A report from Bloomberg suggests that there is a growing propensity to utilize the tokenization policy as bringing assets on blockchain will give value to stocks.
“Such coins let investors get out of their investments by selling their shares any time through exchanges instead of holding on to them for years,” a report by Bloomberg stated.
Speaking at a conference in Toronto Novogratz said that the growing trend of blockchain technology in the crypto ecosystem has shown a lot of positive trends.
“There’s positive movement on the technology and there are new technologies coming,” Novogratz said. “There’s positive movement on the institutional adoption of the architecture needed.”
Although Novogratz admits that,
“The real estate tokenization proposal is not nearly as sexy as Web 3.0,” he believes that “it’s a part of this broader movement of tokenization, digitalization in blockchain and the blockchain makes a lot possible.”
Novogratz is optimistic that there is a lot of advantage to be derived from adopting such practice.
“It feels like a crappy bear market, and it has been in coins,” these technological advances should be viewed as positive industry progress, and that “you’re going to see more and more of” companies tokenizing real estate and other assets.”
According to Bloomberg report, in order to promote the new idea, Galaxy will now employ the expertise of Taylor who had worked with Novogratz while the duo experts were together in Goldman Sachs Group Inc.
Novogratz was a long-term partner at Sachs during which he worked in Asia and Latin America, deploying his expertise and experience to build the company and bring about a lot of large scale investment.
Taylor, an investment banker, works as a real estate expert and will be anticipated to help Galaxy become a fully-functioning real estate tokenization blockchain platform.
Expected to rejoin Novogratz at Galaxy before the end of the year, Taylor will work closely with his former colleague who is known for his accuracy in stock price predictions.
Novogratz is ranked as one of the leading Bitcoin bulls and price predictors in the crypto exchange market. He is reputed for his precision and optimistic crypto forecasts. Of immediate recall is Novogratz’s true prediction in the last quarter (the end of November) of 2017 which gave birth to the rise of prices of Bitcoin.
However, the Bitcoin price collapse at the beginning of this year was contrary to Novogratz’s predictions $40,000 benchmark in 2018.
Meanwhile, he has recently expressed pessimism about his predictions, saying he does not trust BTC to exceed $9,000 before the end of this year, a statement largely attributed to Galaxy’s reported loss of a $134 million in the first quarter of the year.
It is largely believed that the coming on board of Taylor with the expertise of Novogratz would give brighter prospects for Galaxy and the plan to become the biggest asset management company in the United States.
With this latest human capital investment, Galaxy Holdings continues in the surge of its investment drive having earlier in October in partnership with Goldman Sachs invested circa 15 million US dollars in crypto custody firm, BitGo.