Mike Novogratz’s Galaxy Digital Posts Multi-Million Dollar Losses in Q1 of 2018

2018-7-27 02:19

Billionaire cryptocurrency investor and owner of Galaxy Digital, Mike Novogratz, has reported company losses totaling $134 million in Galaxy Digital’s quarterly disclosure. The report details $85.5 million in unrealized losses on digital assets and $13.5 million lost in the company’s trading business.

Novogratz, who just yesterday announced a successful $50 million fundraising round for New York-based crypto-lender BlockFi, appeared unfazed by Galaxy Digital’s disappointing report.

“I am very proud of the progress that we have made since the beginning of the year,” said Novogratz. “We have assembled a world-class team with deep institutional knowledge and expertise and have also made significant strides in scaling our four core business lines. I have complete confidence in our team’s ability to continue driving growth and believe the Company is strategically positioned to help further institutionalize the digital assets and blockchain technology industry.”

Galaxy Digital serves as a multi-service merchant bank for the cryptocurrency and blockchain industry. The company was founded in November of last year by Novogratz who personally invested $302 million in crypto assets for capital funding. Galaxy Digital raised an additional $242 million form external investors in a private placement offer and has received additional funding through bridge financing totaling hundreds of millions of dollars.

Novogratz has arguably been one of the most bullish supporters of cryptocurrency. He has continued to express long-term optimism for the future of digital currency and blockchain, regularly stating that the next crypto boom will arrive following major financial institutions inevitably entering into the space.

“I think institutional investors are slowly coming to the realization that blockchain will be Internet or Web 3.0 and they’ll want to participate just like they want to participate in the Web,” said Novogratz in an interview earlier this week.

Galaxy Digital has invested $86.8 million in eleven different digital investments and has made an additional six add-on acquisitions since the beginning of 2018. The company has over 70 employees and is continuing to expand.

In addition to being the perennial Bitcoin bull, Novogratz has also expressed public praise for the EOS blockchain and his passion for utility tokens. He concluded an interview with CNBC’s Crypto Trader earlier this week, stating,

“I love utility tokens. I think the cooler projects are all utility tokens. I think you will see a lot of the utility tokens being sold in the future operating under some regulatory framework. You’re not going to be able to come up with some half-baked white paper and pump people up… It’s not the way things are going to work in the future. [Utility tokens] are far more exciting to me than security tokens.”

The post Mike Novogratz’s Galaxy Digital Posts Multi-Million Dollar Losses in Q1 of 2018 appeared first on UNHASHED.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) íà Currencies.ru

$ 6.38E-5 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $6.38E-5 - H: $6.38E-5
Êàïèòàëèçàöèÿ $32.611k Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.00015874 (-59.81%)

digital million galaxy losses novogratz mike company

digital million → Ðåçóëüòàòîâ: 126


Ôîòî:

Novgorod goes to the $ 52.5 million fundraising circuit for Galaxy Digital Crypto-Lending Form

Crypto-focused merchant bank Galaxy Digital has recently led a $52.5 million fundraising round for crypto-lending firm BlockFi, according a blog post by the company July 24. Galaxy Digital CEO and founder Mike Novogratz confirmed in a tweet that he is, “excited to get into the crypto lending business.” With the new round of investment, the

2018-7-25 09:26


Notes on Blockchain Governance

In which I argue that “tightly coupled” on-chain voting is overrated, the status quo of “informal governance” as practiced by Bitcoin, Bitcoin Cash, Ethereum, Zcash and similar systems is much less bad than commonly thought, that people who think that the purpose of blockchains is to completely expunge soft mushy human intuitions and feelings in favor of completely algorithmic governance (emphasis on “completely”) are absolutely crazy, and loosely coupled voting as done by Carbonvotes and similar systems is underrated, as well as describe what framework should be used when thinking about blockchain governance in the first place.

2018-7-21 23:03


Cryptocurrencies are the ‘future of money’: The United States Congress

On 14th July, The United States House of Representatives has gone so far as to say that digital currencies are the ‘future of money’. This latest development comes in the wake of countries such as South Korea, Malta, and Switzerland adopting and implementing clear regulation for the $250 million cryptocurrency market. The United States will begin […]

2018-7-15 12:15


Creator OF Javascript Records Over 3 Million Users On His Crypto Sponsored browser Brave

Brendan Eich is not a new name the the world of digital technology. The brain box behind JavaScript and co-founder of Mozilla has once again recorded an impressive customer feedback as Brave, the latest cryptocurrency sponsored browser created by the tech genius has reached a huge milestone as it garners over three million active users […] The post Creator OF Javascript Records Over 3 Million Users On His Crypto Sponsored browser Brave appeared first on ZyCrypto.

2018-7-14 01:09