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17th of January 2018

Economy



Michael Novogratz Looking to Launch First Crypto Merchant Bank

Michael Novogratz, Chairman and Chief Executive Officer of Galaxy Investment Partners, is planning to establish and make public the first merchant bank that will focus on cryptocurrencies and blockchain-related ventures, Bloomberg reported.

Novogratz said in a statement he is looking to raise $200 million for Galaxy Digital LP, a "best-in-class, full service, institutional quality merchant banking business" for the crypto market.

The new bank will be born out of Canadian-based First Coin Capital, which Novogratz plans to buy and then merge with Bradmer Pharmaceuticals.

Its main businesses will include trading, advisory services, asset management, and private equity-like investing.

Bloomberg quoted a person familiar with the plans as saying that “Novogratz envisions Galaxy as the Goldman Sachs of crypto."

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