Michael Novogratz’s crypto bank, Galaxy Digital, is raising $250 million for a crypto-focused credit fund, according to Business Insider.
As it states, the new crypto credit fund will be offering loans to crypto companies and asking for digital assets, properties, and even crypto mining devices. According to people familiar with the matter, Galaxy Digital will close the first round of fundraising in March.
Earlier, Novogratz invested approximately $5 million (7,500,768 ordinary shares) in his crypto-focused fund.
Last year, Galaxy Digital Bank reported about losses at least in $136 million during the whole of 2018. Back then, net realized and unrealized losses at Galaxy Digital totaled about $41 million in the Q3, 2018.
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