Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Crypto merchant bank Galaxy Digital has posted financial statements for the first time, showing $134 million in losses in the first quarter of 2018.
Mike Novogratzās crypto-focused merchant bank Galaxy Digital released its first quarter report for 2018, posting a $134 million loss as cryptocurrency markets slumped, according to Bloomberg July 26.
Galaxy Digital lost $13.5 million in its trading business, with $85.5 million of unrealized loss on digital assets, $1.1 million in paper losses on investments, and $22.9 million in paper loss on investments in its principal investing business. As of March 31, Galaxy digital had $281.7 million in assets, of which $225.8 million were digital assets and investments.
Novogratz, who founded Galaxy Digital last year, wants to build an institutional-level merchant bank for the blockchain and cryptocurrency industries. In order to list the company on Canadaās TSX Venture Exchange, Canadian regulators require that the companies release financial statements. Novogratz said in a statement:
"I am very proud of the progress that we have made since the beginning of the year. We have assembled a world-class team with deep institutional knowledge and expertise and have also made significant strides in scaling our four core business lines.ā
Galaxy digital recently led a $52.5 million fundraising round for crypto-lending startup Blockfi. With the new round of investment, Blockfi will reportedly be able to expand its business to new jurisdictions and to support more cryptocurrencies.
Earlier this month, Mike Novogratz predicted that mass adoption of crypto and blockchain is āstill five to six years away.ā Novogratz said that one of the major obstacles preventing widespread adoption is the increasing ācost of technical talentā as well as the doubts of conventional investors, who are aggravated by āno clear precedent for the financial industry.ā
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.