Billionaire Mike Novogratz Raising $250M Should Reassure Crypto Investors, Even in the Bear Market

Mike Novogratz, a billionaire venture capital and avid cryptocurrency investor, is reportedly raising $250 million to support crypto businesses.

According to a Business Insider exclusive report, sources close to the company have revealed that Galaxy Digital is in the process of securing $250 million to establish a credit fund to finance crypto funds struggling to deal with the long-lasting bear market.

Since January 2018, the valuation of the crypto market has dropped from over $800 billion to $119 billion, by more than 85 percent. As the valuation of tokens and small market cap projects declined, naturally, it became increasingly difficult for companies in the cryptocurrency space to raise funding from venture capital and individual investors.

Reference: https://www.ccn.com/billionaire-mike-novogratz-raising-250m-should-reassure-crypto-investors/

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