The largest cryptocurrency firm on wall street suffered losses of $ 134 million dollars

The largest cryptocurrency firm on wall street suffered losses of $ 134 million dollars

Galaxy Digital LP, cryptocurrency Bank Mike Novogratz, recently published a report in which it reported the losses for the first quarter of 2018 in the amount of 134 million dollars.

The first quarter of 2018 (1 January-31 March) was not too successful for Galaxy Digital, given the falling prices for cryptocurrencies on an epic scale. The largest share of lost capital, which is 85.5 million dollars. The United States, was described in the report as “net unrealized loss” in cryptocurrency assets. The investment had lost $ 24 million. The United States, and additional operating costs amounted to 11 million From income of the Bank had lost $ 13.5 million. USA.

The report also confirmed a plan to unite the Galaxy Digital with two canadian companies — Bradmer Pharmaceuticals Inc. and First Coin Capital Corp:

“As a result of this partnership the company will exceed 70 professionals with deep institutional experience, technology, investment, consultancy and trade,” the report said.

In addition to the above, Galaxy Digital has partnered with Bloomberg to launch the Bloomberg Index Galaxy Crypto. The Bank has also opened representative offices in Tokyo.

Mike Novogratz is working to stock its offspring was quoted on the canadian stock exchange, although at the moment the process has been delayed due to additional regulatory requirements.

Despite the financial losses and delays in the implementation of plans, Mike said he is “proud of” the progress of Galaxy Digital for 2018.

Novogratz also all confident in the imminent rise in the prices of cryptocurrencies:

“The herd of institutional investors” goes straight to crypto currencies” — he said in his speech at the event, Blockchain Week Korea.

For Galaxy Digital Novogratz left a successful career in traditional investment business. Mike founded the Bank in November 2017, largely on his own money invested in the company $302 million Another $242 million provided by other investors.

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