The crypto merchant bank launched by former HF manager Michael Novogratz is raising the money to provide loans to struggling crypto firms, with the credit looking to be backed by crypto tokens or crypto mining devices and property.
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Galaxy Digital raising $250m for credit fund
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With the extended downturn in crypto prices, Galaxy Digital has not been having the best of times. Back in November, Novogratz told the Financial Times that 2018 had been tough for his company, saying it “sucks to build a business in a bear market.” The firm also occurred losses last year. It reported a net loss of $76.65 million for the third quarter of 2018 – that accounted for more than a third of its nine-month loss of $175.68 million as of Sept. 30, 2018.
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