Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service

HELP ME CHOOSE START QUIZ

Galaxy Digital Set to Launch Mining Financial Services

[ad_1]

Galaxy Digital is in a unique position to help connect operators and equipment providers with capital.

Galaxy Digital has announced that it would be launching financial services for mining operations. According to the press release, this unit would be known as Galaxy Digital Mining and it would be focused on providing financial services to Bitcoin miners.

The press release went on to state that this new unit would be drawing on the parent firm’s expertise in trading and risk management, investing and lending, and corporate advisory. All of this would be geared towards providing miners a platform to enjoy top-notch financial services from a company with repute and international standards of operations.

This new arm of the business has been in development since October last year and it would also serve as the overseer of the mining operations of the company generally.

Amanda Fabiano, the former director of mining at Fidelity Investments would be the head of this operation. At Fidelity, she was in charge of all mining activities of the firm while also seeking new initiatives that would help boost the business. Alongside her is a team of vast professional experience in varying fields like non-traditional securitization, structured products, investment banking, and strategic advisory.

According to Fabiano, the new mining operations of Galaxy would help the company to understand and solve the financial needs of miners. She also added that the new company would be “enhancing the strength of the industry and thus the strength of the Bitcoin network.”

The mining operations haму its machines hosted with a third-party datacenter in the United States. The Co-President of Galaxy Digital Chris Ferraro was also quoted to have said that the firm is in a unique position to help connect operators and equipment providers with capital.

He is also of the opinion that the firm could further help in “mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators.”

Galaxy Digital Making More Inroad into the Crypto Market

With the firm’s recent announcement, the firm is beginning to make more inroads into the crypto market.

Galaxy Digital had entered into an agreement with CI Global Asset Management to launch a Bitcoin fund in Canada. According to this agreement, the fund would be a closed-end investment fund that would be directly investing in Bitcoin. It is expected that this fund would be priced using the Bloomberg Galaxy Bitcoin Index.

It was also stated that Galaxy would act as the sub-advisor of the fund while CI Global would be the fund’s manager. Not only that, but Galaxy Digital had also bought two different crypto companies in anticipation of wider institutional adoption of cryptocurrency. The two firms are Drawbridge Lending and Blue Fire Capital.

Mike Novogratz who is the founder and CEO of Galaxy Digital said that this purchase was because institutional investors were “becoming more knowledgeable and comfortable with digital assets and they are increasingly grasping the purpose and importance of cryptocurrency in their investment strategies.”

next Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency news, News

staff writer

[ad_2]

Source link

We will be happy to hear your thoughts

      Leave a reply

      Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

      Advertiser Disclosure: Brokerspilot.com helps investors across the globe by spending over hours each month testing and researching online brokers.

      How do we make money? Our partners compensate us through paid advertising.

      While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

      Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

      Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

      While Brokerspilot.com has some data verified by industry participants, it can vary from time to time.

      Operating as an online business, this site may be compensated through third-party advertisers.

      Our receipt of such compensation shall not be construed as an endorsement or recommendation by Brokerspilot.com, nor shall it bias our reviews, analysis, and opinions.

      en_USEnglish
      Best Forex Brokers Reviews
      Logo
      Reset Password
      Compare items
      • Total (0)
      Compare
      0