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Mike Novogratz Invests $15 In Cryptocurrency Startup And Exchange

On Thursday June 14, founder and CEO of Galaxy Digital Capital Management, Mike Novogratz announced that his asset management firm invested $15 million in blockchain startup AlphaPoint Corp, which helps businesses and institutions create cryptocurrency exchanges and tokenize assets.

With this effort he has increased his investment in the blockchain and cryptocurrency sector, supporting the acceleration of growth of AlphaPoint, the leading exchange technology platform provider. Managing director of Galaxy Digital Ventures, Greg Wasserman will be joining AlphaPoint’s Board of Directors.

The Rise and innovation of Galaxy Digital

Speaking about his firm’s latest dealings, Novogratz stated: “We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets. We are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets.”

Mike Novogratz, who was a Wall Street macro trader, is aiming to transform Galaxy Digital into what he calls an institutional-quality crypto merchant banking business in digital currency and blockchain. According to Bloomberg, in January 2018, he announced a plan to raise $191 million for the effort. He stated he wants Galaxy Digital to become the Goldman Sachs for cryptocurrencies. Later in June 2018, Novogratz said he was building the “Drexel of crypto,” referring to Drexel Burnham Lambert, the major Wall Street investment banking firm that practically built the junk-bond market.

In May2018, Mike Novogratz partnered with Bloomberg to launch a joint cryptocurrency index fund known as the Bloomberg Galaxy Crypto Index (BGCI) which was to track the performance” of the most liquid digital and prominent currencies on the market, including bitcoin, EOS, ethereum, Ripple and Monero.

Novogratz has absolutely been an outspoken figure in cryptocurrency the beginning of 2014,  appearing frequently at conferences and on TV to praise what he sees as the ongoing innovations in the digital market.

AlphaPoint

AlphaPoint is a financial technology firm, which supports cryptocurrency networks and provides its expertise to institutions over blockchain technology and infrastructure. It supports a variety cryptocurrency and traditional exchanges across the world. Joe Ventura, AlphaPoint founder and CTO, describes the firm as one to “assist customers discover and execute their blockchain strategy.”

AlphaPoint major clients include CoinTrader, BitcoinsNorway, Bitfinex and MexBT, as well as popular firms and institutions including CME Group, the Royal Mint of England and more.

Published by Pamela Garcia

Pamela Garcia is a keen follower of U.S. stock market

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