Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?

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Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?

Post by howlermunkey » Mon Nov 12, 2018 8:30 am

It goes without saying that Galaxy Digital, a digital asset-centric merchant bank, has been beaten and bruised in recent months. Months ago, to remain coherent with its appearance on the Toronto Stock Exchange, the startup was required to divulge its Q1 balance sheet, which wasn’t pretty, to put it lightly. However, the Galaxy’s top brass have seemingly remain undeterred, setting its scopes on new sectors in crypto to maintain its hegemony.

Novogratz’s Galaxy Digital Sets Its Scopes On Wall Street
Just recently, NewsBTC reported that institutionally-sourced capital has continued to flow into this industry’s coffers en-masse, even in spite of the cryptocurrency market’s retail drought. Alex Kruger, a well-respected market researcher, claimed that $5.9 billion of Wall Street capital directly entered into digital assets, amounting to 2.8% of the aggregate value of all cryptocurrencies.

And, with an exclusive from The Block, it has become apparent that this swelling subset of investors hasn’t gone unnoticed, with Mike Novogratz’s Galaxy Digital recently undergoing a surprising shift to appeal to institutions.

On Friday, Galaxy Digital, releasing a public statement, revealed that two of its biggest names would be leaving the firm, which would coincide with the shutdown of its Vancouver office. The Block corroborated this claim, while also consulting with its insider sources to reveal that an additional three executives had threw in the towel at Galaxy.

https://www.newsbtc.com/2018/11/12/why- ... investors/

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