Mike Novogratz, who recently abandoned plans for a fund of crypto-currencies, will launch a bank for the digital currencies and companies in the technology Blockchain. Novogratz, a former fund manager, has published a plan to collect nearly $ 200 million, and in rating of the shares of its account Galaxy Digital LP on the TSX venture exchange of Canada. This new bank will be active in four areas : negotiation, investment, asset management and advisory work.
Novogratz describes 2017 as the year of Bitcoin, Ethereum, Ripple and other virtual currency. It also indicates that the Blockchain was going to reshape the way the Internet communicates.
Source : Pixabay. The different crypto-currencies, with the most popular, including the Bitcoin and Ethereum.
The roadmap published
Galaxy will first buy First Corner Capital Corp, a start-up canadian, then merge with Bradmer Pharmaceuticals Inc., a corporation screen canadian. To achieve its objectives, the group will collect nearly $ 201 million through a private placement.
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Bradmer will be renamed the Galaxy Digital Holdings. She will have a share in the new bank and will be listed on the Toronto stock exchange. Galaxy hopes to finalize the transactions by the end of the first quarter, when the shares begin to be traded. There is no official filing of financial statements with the securities regulatory authorities of the securities as there is for a first public offering.
An experienced investor
Novogratz, 53, has spent more than a decade at Goldman Sachs Group. It was then at the head of Fortress Investment Group until its liquidation in 2015. According to an anonymous source, She plans to make the Galaxy a group like Goldman Sachs. According to the same source, the business man would have the intention to invest substantially all of its assets in crypto-currency in the Galaxy. They would be worth nearly 400 million dollars. It also plans to invest its shares in start-ups such as Ripple Labs, Bitstamp and Xapo.
Galaxy has confirmed the redemption of the First Corner and taking control of Bradmer. They’re just waiting the approval of shareholders before entering into transactions.
Source : NCC