Novogratz’s Crypto Merchant Bank To Start Trading From August 1

Jul 31, 2018 at 09:40 Update Date :Jul 31, 2018 at 09:40 UTC

Crypto merchant bank Galaxy Digital LP, headed by Mike Novogratz is now ready to begin operations on the Canadian TSX Exchange from 1st August, according to reports. They’ll function under Galaxy Digital Holdings Ltd., and use the GLXY token.

After the entire long-winded procedure of a reverse takeover with a TSX-listed shell company, the former Goldman Sachs partner Mike Novogratz maintains that the entire thing has been a “frustrating” eight months. He said on television that he didn’t think that the volatility would amount to as much as it did, and had he known it would take so long “[he] might have stayed private for another year or so and then gone public. But [he doesn’t think] it’s a mistake.”

There was a significant downtrend in the crypto-market earlier in the year, with BTC falling below $6,000 just after its record $20,000 mark breakthrough back in December. Galaxy sold shares at $5 CAD (approx. $3.80 USD) apiece, back in January.

Novogratz mentioned in the interview that he felt Canadian finance markets weren’t gaining any ground anymore. But he maintains faith that the ride will turn. Putting the company’s issues in the scope of larger listings, he stated that there was indeed a sweep of firms that listed in Canada, and all of them fared poorly. He thinks that the regulatory bodies “got a little bit more nervous and said, ‘Hey, wait a minute, let’s make sure we know what we’re seeing here’.”

Managing Director of the TSX Exchange, Brady Fletcher told reporters that while the entire required procedure might take a bit more time than “entrepreneurs like Mike would like it to,” his Exchange is still excited about the new collaboration and would like to see it work.

According to reports from last week, Galaxy had published its 2018 first-quarterly report. They had lost $150 million, as well as an $85.5 million unrealised loss on digital assets.

Recently, the firm has also started looking into the crypto-lending business, raising funds of about $52.2 million for BlockFi, a company providing corporate and retail loans backed by digital holdings and properties.

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