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Novogratz new Crypto-Investment Earns him $250 million

Feb 10, 2018 Posted /  4646 Views

Novogratz new Crypto-Investment Earns him $250 million

It has been reported in the media that Mike Novogratz has raised roughly $250 million for a cryptocurrency investment venture known as Galaxy Digital. According to reports by Bloomberg media- Novogratz who is a Billionaire and former Wall Street fund trader got private placement which will allow Novogratz new firm to trade and maintain control over virtual currency assets. The Foundation will provide guidance on the management of the virtual assets.

Another report from Taiwan's Economic Daily News has disclosed some additional details about the Novogratz earnings. There were further follows up that revealed that Terry Gou founder and CEO of Foxconn (HCM) is one of the investors in the fund with roughly $18 million replacement in the round.

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Other reports circulating in the media suggest that some investors are purchasing Galaxy Digital's shares through a shell pharmaceutical company. This company will be the one that will enable Novogratz firm to be listed on a Canadian stock exchange. This benefit the company in the form that now Novogratz firm will not have to disclose its finances.

Moreover, the news has been circulated widely by the mainstream media that the well-known Wall Street trader has gained massively and found notable returns. It is noteworthy that Novogratz left Fortress Investment Group in 2015 after the company closed his $2 billion macro funds. Additionally, the billionaire is also noted for his outspoken personality. He has time and again presented his views on cryptocurrencies and first appeared with his apprehensions in 2014. He frequently appeared on press conferences and TV to praise about the innovations in the market.

Ventures with Everipedia

Everipedia, the decentralized offshoot of Wikipedia, announced Thursday that it had grasped some $30 million through an equity sale led by Galaxy Digital’s Ecosystem Fund. The funding round was limited to strategic investors, according to statements.

Everipedia proclaimed last year that it was moving to the blockchain, with its fresh-envisioned infrastructure being built on top of that network.

The company now expects to produce a censorship-proof system employing smart contracts which record contributions while utilizing a cryptocurrency token to reward contributors.

Sanger said in a new statement:

"In the era of fake news and a general distrust in central entities like governments, corporations and the media the world stands to benefit enormously from a decentralized and uncensorable knowledge base."

Galaxy Digital was declared and launched last month by Novogratz, who sees it as a full-service bank for digital assets. The company was set to launch a hedge fund backing crypto-projects, but reportedly, the move was cancelled late last year.

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Tags: virtual assets Crypto-Investment cryptocurrency virtual currency Galaxy Digital crypto-projects

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