Trying to Start a Bitcoin Business in This Market Climate ‘Sucks’

Crypto investor Mike Novogratz has expressed dissatisfaction with the level of difficulty involved in trying to build a cryptocurrency business amidst a persistent bear market, even as he remains bullish on the prospects of his company and the wider crypto space in the long term.

Speaking to the Financial Times, the former Goldman Sachs partner and founder of Galaxy Digital revealed that the company, which was set up to act as a crypto merchant bank has to contend with a unique set of challenges when compared to traditional merchant banking.

Launched in 2017, Galaxy Digital received some $302 million in investment from Novogratz and it currently manages about $460 million in assets across three offices in London, Hong Kong and Tokyo. After setting up a trading arm recently, the company is also looking to raise funding and improve its profile with a dual listing in Frankfurt.


Share this: