Mike Novograts's Galaxy Digital intends to raise $ 250 million for loans

A cryptocurrency-oriented trading bank Galaxy Digital, established by ex-partner of Goldman Sachs and former top manager of Fortress Investment Group Mike Novograts, plans to raise $ 250 million under the fund for lending to cryptocurrency companies in difficult situations. This is reported by Business Insider.

As the newspaper notes, the new fund will issue loans to companies affected by the bear market, including ICO-startups. Probably, borrowers will be able to mortgage cryptocurrency funds and mining equipment.

Earlier, Novograz increased its stake in Galaxy Digital to 79.3%, having bought 7.5 million shares for $ 4.8 million.

Recall, Galaxy Digital is actively involved in financing BlockFi blockchain-startup. In the summer of 2018, the bank invested $ 52.5 million in the company, and in December joined Morgan Creek, Susquehanna, Akuna Capital and Devonshire Investors in the next round of financing for $ 4 million.

New York-based BlockFi offers loans to corporate and private clients, taking their cryptocurrency savings as collateral.

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