Galaxy Digital’s cryptocurrency merchant bank
The bank will open a cryptocurrency trading desk and initially seek to capitalize on opportunities for cross-exchange arbitrage.It will also invest in blockchain startups and initial coin offerings (ICOs), much as Novogratz intended to do through his now-shelved cryptocurrency hedge fund.
Citing a person familiar with the matter that Novogratz and Galaxy Digital raised this sum in the midst of one of the most severe market downturns in cryptocurrency history when the Bitcoin price crashed from a peak of $19,891 to below $6,000.
Novogratz, the former portfolio manager of Fortress, is also said to be moving the entirety of his cryptocurrency and blockchain investments into Galaxy Digital.
https://www.bloomberg.com/news/articles/2018-02-07/novogratz-is-said-to-raise-250-million-for-crypto-merchant-bank