Michael Novogratz's crypto & blockchain fund Galaxy Digital has announced a private investment fund of $50 million of aggregate gross proceeds. The attraction of investments is planned to be completed by November.
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According to an official announcement, Slate Path Capital LP, CI Investments, NZ Funds, and Corriente Advisors, among others, have already expressed their willingness to invest in the fund.
Christopher Ferraro, President of Galaxy Digital, says that 2020 has witnessed "a broad institutional recognition of blockchain and cryptocurrency use cases."
"This growth financing from well-known institutional investors is another validation of Galaxy Digital's strategy of being the institutional on-ramp for traditional finance into the crypto markets via differentiated trading, structured financing, asset management, and investment banking solutions," Ferraro added.
With the funds Galaxy Digital wants to grow its client financing business and seeding new asset management-related product offerings.
Earlier this year, Galaxy Digital in a collaboration with Bakkt created a new Bitcoin purchase and storage service for institutional investors. Both companies said they had worked together to create a service in which they take care of the whole process, including onboarding, order execution and storage of digital assets.
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