Galaxy Digital CEO, Mike Novogratz remains bullish on Bitcoin’s long term price while speaking in an interview with CNBC on Thursday. The bullish statements follow the recent investment in Current, a millennial and Gen-Z focused bank with a blockchain wallet, by Galaxy Digital, who led the $20 million Series B funding round. Mike further confirmed the company is planning to launch BTC custodian services through a Bitcoin Fund in the future.
Current raises $20 million in a Galaxy Digital led Series B round
The fundraising attracted a number of top firms in the crypto and traditional finance industry including Galaxy Digital EOS Fund, Wellington Management Company, CMFG Ventures, and the venture capital arm of CUNA Mutual Group, a mutual insurance company. The company aims to develop effective and fun applications for teens and younger generations to easily access financial systems.
Today we are excited to announce we've raised $20 million in Series B funding, we have expanded our partnership with Visa and we're now proud to be serving over 500,000 members. Full details: https://t.co/wKYSJTVquD pic.twitter.com/ZfSYL5JPDx
— Current (@current) October 24, 2019
According to the official release, the company claims to have raised a total of $45 million in total so far and has registered close to 500,000 customers.
Speaking on the investment on Current, Galaxy Digital co-founder, Sam Engelbardt said,
“In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs.”
The latest investment by Galaxy Digital comes on the back of bullish statements from CEO, Mike Novogratz, who believes the current drop in BTC’s price below $7,500 is a short term correction.
Novogratz confirms the launch of Galaxy Digital BTC fund
In an interview on CNBC, Mike Novogratz – who earlier predicted a possible bearish momentum in price at the close of October – said he is not sure of the exact direction BTC’s price will take in the short term. He, however, remains bullish on the long term prospects of BTC, targeting the $10,000 level.
— Squawk Box (@SquawkCNBC) October 24, 2019
“I’m hoping it holds here. $6,500 would be the next downside…I think you got to get back through $8,200 first and if it gets back through $8,200 we’re then back at the $8,000-$10,000 range. It’s going to need new energy to really make the big move.”
In the interview, Mike also confirmed his firm is looking forward to launching a Bitcoin fund with the project in the works. The Bitcoin mogul said the fund will act as a custodian, protecting the customers’ assets on the platform.
“It’s just a bitcoin fund that takes care of custodying it, takes care of pricing it…It’s got one-week liquidity. So it just allows people to invest in bitcoin without setting up a Coinbase account, without worrying that their phone is going to get lost.”