American crypto-enthusiast billionaire Mike Novogratz announced in a press release that he intends to establish a cryptocurrency-based commercial bank with his own savings. According to the plan, this bank will operate in four business areas: trading, ventures, asset management, and inquiry.
According to the statement, the Galaxy Digital Assets Fund has prepared a letter of intent with Bradmer Pharmaceuticals and First Coin Capital, thus creating a letter of intent with Galaxy Digital and First Coin will come together to establish the bank.
Galaxy Digital Assets Fund is the fund Novogratz invested in. Bradmer Pharmaceuticals, on the other hand, is a Canadian-based company founded to find a new treatment for brain cancer. According to this letter of intent, Bradmer will hold a minority stake in Galaxy Digital and change its name to ‘Galaxy Digital Holdings’.
Galaxy Digital has been declared a “full service digital asset bank”, according to the press release. It is expected to do business in four areas; trading, venture investment (as with ICOs), asset management and inquiry – the last one is closing the market search, writing white papers, architectural design, business and technical documenting, vendor selection and project management.
Novogratz is seen as the CEO of this new venture, and the press release revealed the names of eight more people who make up this team. Novogratz was the former CEO of Fortress Investment Group, and his interest in cryptocurrencies can be traced very closely. In a statement to CNBC in December, he said that Bitcoin could easily see $40,000 by the end of 2018.
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