Novogratz Invests in VR-related Startup
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Main page News, Fintech, Blockchain, VR, Michael Novogratz

The famous bitcoin supporter Mike Novogratz has said in an interview with Bloomberg that his company invested in a company High Fidelity which developed an open-source application for building and deploying virtual environments to desktop and server computers.

The former Goldman Sachs Group Inc. partner believes there are still a lot of ways where blockchain can really work.

“We’ve invested in a company called High Fidelity, which is a virtual world. Me and you, we’ll sit down, and we’ll have virtual beers. People think I’m crazy when I say that, but Second Life does $500 million a year of GDP, real money traded back and forth in a virtual world with old technology,” Novogratz said in interview with Bloomberg.

It seems Novogratz considers VR as the first use case where blockchain technology could really work.

And honestly, he isn’t the only one who takes this point of view. The entire crypto community is slowly but surely moving from ICO hype to the virtual reality (VR) industry with new investments. For instance, previously the chief executive of Coinbase, Brian Armstrong, said that crypto would find its destination in VR.

However, it’s worth noting this year for Novogratz was far from being profitable. Earlier, his crypto bank, Galaxy Digital Holdings Ltd., reported $136 million in losses during 2018.

If the recent investment doesn't bring profit soon, there won't be the bank left to save.

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