фото показано с : blokt.com

A depressed crypto market is probably not the best time to publicly list a cryptocurrency-focused bank. Galaxy Digital, which recently debuted on Toronto’s TSX Venture Exchange on August 1, saw a 20-percent decline in value a mere half hour after it started trading.

Galaxy Digital shares were initially trading at 2.75 Canadian dollars upon Wednesday’s opening, according to a CNBC report. However, as of 1:48 pm ET, the company’s shares soon fell to CAD$1.98, or around 20 percent of its initial price.

The report also stated that Galaxy Digital actually lost $134 million in the first quarter of 2018, which the company revealed last week. The firm was launched by former Goldman Sachs trader Michael Novogratz in November 2017, at a time when the crypto market was still on an upward trend.

Even Novogratz seems to hint that the timing of Galaxy Digital’s entry into the bourse is far from perfect. According to a Bloomberg report, the “frustrating” demands of Canadian regulators delayed the firm’s listing that the bank has to debut amid today’s depressed crypto prices. He said:

“If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public. But I don’t think it’s a mistake.”

Regulators delayed the company’s listing for eight months. During this period, Bitcoin’s price tumbled by around 50 percent. The current low prices of crypto will inevitably affect the newly listed company’s market performance.

However, Novogratz did not regret his decision to list his firm despite the market downturn. He remains optimistic about blockchain and cryptocurrency’s potential to revolutionize the financial industry. In fact, he already revealed that he plans to have Galaxy Digital’s stocks to be traded globally on leading financial markets such as London, Frankfurt and Hong Kong.

Michael Novogratz’s Galaxy Digital Falls 20% in First Half-hour of Trading was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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