Galaxy Digital to Raise Funds for a B2B Lending for Crypto Companies

Galaxy Digital to Raise Funds for a B2B Lending for Crypto Companies

New York City-based crypto assets bank Galaxy Digital is looking to raise $250M in a funding series for a lending business that will help cryptocurrency businesses, according to a report published by the South China Morning Post.

Galaxy Digital, a digital assets bank founded by former Goldman Sachs partner Mike Novogratz, will close its first round of funding for this project in March 2019.

According to its website, “Galaxy Digital is a diversified merchant bank dedicated to the digital assets and blockchain technology industry. Galaxy Digital’s multi-disciplinary team has extensive experience spanning investing, portfolio management, capital markets, operations, and blockchain technology.”

The company will provide financing services to cryptocurrency and blockchain businesses. It will offer traditional currency loans that will be backed for collaterals represented in cryptocurrency assets, real estate, or crypto mining equipment.

Previously, Galaxy Digital worked on financing opportunities with cryptocurrencies startups in the past. However, declining crypto prices have pushed startups’ books on the red, and the demand for financing from crypto businesses has grown big in the last months.

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