2018-11-12 15:59 |
Mike Novogratz, a billionaire, crypto bull, and former Goldman Sachs partner has hired another Goldman Sachs banker who has become the latest high profile Wall Street executive to cross over to the crypto camp. Bloomberg reported on Nov. 8th that Ian Tyler will join Novogratz’s merchant bank, Galaxy Digital and will focus on the advisory side of things. He will oversee the bank’s advisory arm known as Galaxy Digital Advisors LLC. Galaxy Digital has not yet commented on the matter.
Bloomberg reported that the people close to the matter requested to remain anonymous because the matter is not yet made public.
Ian Taylor and Galaxy DigitalIn his new position, Taylor will advise clients in the blockchain sphere and its services such as mergers, restructurings, tokens raise, and debt & equity private placements.
Taylor spent 19 years at the investment bank and is currently serving as the head of real estate, “lodging and gaming equity capital markets for the Americas.”
Novogratz raised $250 million in February to finance his bank, and one point stated that he was building the Goldman Sachs of crypto. He later changed his tune and claims that he is now building “the Drexel Burnham Lambert of the industry.”
“If you think about what Mike Milken and his guys did, they helped credentialize junk bonds, high yield as an asset class. They were the proselytizers, the traders, the bankers,” said Novogratz in June.
Novogratz and his bank are some of the leading investors in the crypto industry. The merchant bank was among the investors that forked $80 million in Bitfury and valued the company at more than $1 billion. Bitfury is one of the leading manufacturers of cryptocurrency mining equipment.
Novogratz is very bullish on Bitcoin and once predicted that the price of the world’s most popular cryptocurrency would reach $40,000 by year-end. He has since adjusted his prediction because the market has been on a downward trend since the beginning of the year.
Wall Street Executives Still Flocking to the Crypto IndustryNovogratz, who started working at Goldman Sachs in the late 1990s until his departure early this year, acquired Richard Kim in April, a former Goldman Sachs banker to serve as Galaxy Digital’s chief operating officer.
In 2016, James Radecki, a former managing director at Goldman left the investment bank to work as an advisor for cryptocurrency investments. He eventually left his position and settled at Cumberland Mining.
Dave Chapman, who worked for Bear Stearns, HSBC, and Credit Suisse left Wall Street to serve as the chairman of OSL Brokerage, a Hong Kong-based digital asset brokerage. He said that his switch surprised many people who thought he had made an unlikely career move.
“It surprised a lot of people: leaving a respected career to go and play with ‘magical internet money,’” he recounted how people viewed his career move.
Major players in the crypto industry such as Coinbase and Ripple have all hired former Wall Street investors.
Mike Novogratz’s Galaxy Digital Snatches Another Goldman Sachs Banker was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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