Home » Cryptocurrency News » Cryptocurrency News » Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining January 16, 2021 0 Comments
Mike Novogratz’s Galaxy is planning a significant leap into the Bitcoin mining sector.Galaxy Digital Mining will be the designated new fraction of the investment company.The upcoming project will reportedly focus on establishing a new business body aimed at providing financial services for miners.Delivering Financial Services to Miners
According to an official press release, the Galaxy Digital Mining project will be launching in 2021.The new company will connect with already existing business lines to offer a comprehensive pack of financial services and products to Bitcoin miners.Some of them include trading and risk management solutions, principal lending and equity investments, plus M&A advisory services.
The company announced the new endeavor as one of two this year to aim at the Bitcoin mining procedures.
The new business unit will provide BTC miners with a mixture of expertise in trading and risk management, investing, lending, and corporate advisory, combined with the necessities of the mining environment.
Former Director of Bitcoin Mining at Fidelity Investments, Lara Fabiano, will enter the Galaxy Digital Mining team as a leading figure.She will be joining a team of experts with a background in non-traditional securitization, real asset financing, structured products, investment banking, and strategic advisory.
Building Their Own Bitcoin Mining Future
Meanwhile, Galaxy Digital Mining will also mine Bitcoin on a proprietary basis.
After establishing its new BTC mining operation, it will host its machines and devices at a third-party datacenter in the United States.
“Bitcoin mining is the foundation of the Bitcoin network.By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network”, commented Fabiano.
Meanwhile, the Co-President of Galaxy, Chris Ferraro, said:
“Going forward, we see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading’s industry-leading capabilities.”
The CEO of Galaxy Digital Holdings, Mike Novogratz, has expressed his opinion on the future of the major crypto asset many a time.During the past year, the former Wall Street hedge fund manager has commented, predicted, and analyzed BTC’s price movements and following expectations.
However, in November, Novogratz mentioned that the end-of-the-year BTC rally has been driven by high net-worth individuals, and more precisely, hedge funds and real institutions.He also said he tends to think that the participation by these major players, alongside increased regulation, should mitigate some of the volatility.
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