A positive Signal for the crypto market: Novogratz’s Galaxy Digital collects 250 million USD
Home News Positive Signal for the crypto market: Novogratz’s Galaxy Digital collects 250 million USD
Marcus Misiak –
As Business Insider on the 25. January reported, Mike Novogratz’s crypto-collected-trade Bank is Galaxy Digital a minimum of $ 250 million, to loans to crypto companies to offer in the continuing bear market, according to money search.
According to an exclusive report from Business Insider, sources close to the company have revealed that Galaxy Digital is to raise $ 250 million for the establishment of a credit Fund for the financing of Crypto, to struggle with the lasting downturn of the market. Borrowers can get loans by crypto-currencies, buildings, and even crypto-currency-Mining-using Hardware as a security. Galaxy Digital itself has not confirmed this message (at the time of writing).
Positive Signal for the crypto market
The Initiative could come at a crucial stage for many of the Crypto. Since January of 2018, total market capitalization of the crypto market of over $ 800 billion is dropped to 119 billion dollars, to more than 85 percent. The price of Bitcoin has fallen by more than 80 percent. As a result of the continuing bear market, a large number of Crypto is in desperate need of financial support. In particular, Miner, including the industry giants Bitmain have been hit by the Price declines in hard, as they rely on high crypto-currency prices to achieve profits.
ConsenSys, Bitmain, Coinbase, and many other companies have released in the last few months, employees and managers to focus on their core business. In the last year, Novogratz acknowledged in an Interview with FT, that it is difficult for a business in the downturn. Galaxy Digital self-made large losses in the year 2018. As we reported, has Galaxy Digital made in the first nine months of last year, offizeill losses of nearly 136 million dollars, based primarily on the price declines of Bitcoin, Ether, and XRP.
If Mike Novogratz and the Team from Galaxy Digital to complete the 250-million-Dollar-round, this will therefore create a positive mood in the crypto currency sector. Several large financial institutions such as Nasdaq, the Intercontinental Exchange and Fidelity have invested in the past three months, tens of millions of dollars, with a view to the long-term prospects of the crypto-period.
While the prices of Bitcoin and co. since January of 2018, in the descent, could serve the above-mentioned developments, including the Galaxy Digital credit Fund as an indicator of strong long-term Trend.