Bitcoin, Crypto currency, Blockchain

Crypto-Bank Galaxy Digital loses US $ 134 million

The crypto-investment Bank, Galaxy Digital loses in the first quarter of 2018, mainly due to falling prices for Cryptocurrencies 134 million dollars. The price of Bitcoin on 18. December reached a record high of ~ $ 20,000, fell in the first three months, to 52 percent.

Galaxy Digital, under the chairmanship of the multi-billion-Dollar-investor Michael Novogratz, claimed to have losses in the amount of $ 135 million and 85.5 million in unrealized losses on digital assets, in addition to the loss of 1 Million dollars.

The eight-month-old company also recorded losses in the amount of 229 million U.S. dollars of investment in his or her own home business. Although the first quarter of 2018 was financially negative, must be made known to the company, the results for the second quarter of this year.

The report confirms that the Novograz was planning a merger with Canadian First Coin Capital, and Bradmer Pharmaceutical Inc. Galaxy digital, up to the end of the first quarter.

Additional regulatory requirements delayed his plans. The hedge Fund Manager has invested 302 million US dollars in crypto-Assets, the Merchant Bank building, and his Home Office has provided $ 130 million in loans to operate the Fund until the transactions are completed. At the end of March, the company owed 78.8 million dollars from the revolving credit facility. External investors have provided the company an additional 242 million dollars.

Despite the early losses of the company by the Chairman, Novogratz said he was very proud of the progress that had been made since the beginning of the year.

He added

We have put together a top-notch Team with solid institutional knowledge and skills and also significant progress in the scaling of our four core scores of shops. I have full confidence in the ability of our Teams that drive growth and believe that the company is strategically well positioned to institutionalize the industry for digital investment and Blockchain technology.

In summary, Galaxy said Digital, that it has invested in this year’s 86.8 million US dollars in 11 investments, and six acquisitions. This includes investment in the crypto-Lending platform BlockFi and alpha point, with the help of institutions the exchange of crypto-currencies and Token-Assets can implement. The future is for Galaxy Digital in this Moment is just as unpredictable.

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