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Crypto Merchant Bank Galaxy Digital Lost $134 Million in The First Quarter of 2018

Crypto Merchant Bank Galaxy Digital Lost $134 Million in The First Quarter of 2018

Crypto Merchant Bank Galaxy Digital Lost $134 Million in The First Quarter of 2018
Crypto Merchant Bank Galaxy Digital Lost $134 Million in The First Quarter of 2018

Mike Novogratz’s crypto-focused banking concern Galaxy Digital discharged its half-moon report for 2018, posting a $134 million loss as cryptocurrency markets slouching, consistent with Bloomberg Gregorian calendar month twenty six.

Galaxy Digital lost $13.5 million in its commercialism business, with $85.5 million of unsuccessful loss on digital assets, $1.1 million in paper losses on investments, and $22.9 million in loss on investments in its principal finance business. As of March thirty one, Galaxy digital had $281.7 million in assets, of that $225.8 million were digital assets and investments.

Novogratz, UN agency supported Galaxy Digital last year, needs to make associate degree institutional-level banking concern for the blockchain and cryptocurrency industries. so as to list the corporate on Canada’s TSX Venture Exchange, Canadian regulators need that the businesses unleash monetary statements. Novogratz aforementioned during a statement:


"I am terribly happy with the progress that we've created since the start of the year. we've assembled a best team with deep institutional data and experience and have additionally created important strides in scaling our four core business lines.”

Galaxy digital recently junction rectifier a $52.5 million fundraising spherical for crypto-lending startup Blockfi. With the new spherical of investment, Blockfi can reportedly be ready to expand its business to new jurisdictions and to support additional cryptocurrencies.

Earlier this month, microphone Novogratz foretold that mass adoption of crypto and blockchain is “still 5 to 6 years away.” Novogratz aforementioned that one in every of the foremost obstacles preventing widespread adoption is that the increasing “cost of technical talent” additionally because the doubts of standard investors, UN agency area unit aggravated by “no clear precedent for the monetary trade.”


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