Crypto Bank Of Novogratz Changes Its Policy On Startups
The Galaxy Digital bank, founded by the billionaire and crypto enthusiasts Mike Novogratz to operate in the cryptocurrency industry, is making strategic changes to its policy. The company intends to stop supporting small ICO and blockchain projects, according to the official statement.
The crypto bank will focus on major institutional clients, related to cryptocurrencies and distributed ledger technology. For this purpose, the company will expand its team in the New York office, but close its branch in Vancouver.
Moreover, Richard Tavoso will leave the position of the company's president and will be appointed as a trusted advisor and member of the managers' board at Galaxy Digital. Also, a co-head of the trading department intends to quit, and Peter Vishnevsky, who has been an integral part of this direction since the company was founded, will take over this position.
Novogratz claimed that since cryptocurrency and blockchain technologies are moving forward, the company decided to adjust its strategy to capitalize on the emerging industry.
Previously, Galaxy Digital, along with Goldman Sachs, invested about $15 million in the BitGo cryptocurrency startup. The project is creating a solution for secure tokens storage and develops the wallet able to keep $1 trillion in cryptos. The contribution made by such large Wall Street companies will help attract more investors as the company's clients. The total amount of the funds raised at the Series B round amounts to $58.5 million.
Novogratz also believes that bitcoin will reach $20,000.