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Galaxy Digital bought two competitors ...

Galaxy Digital bought two competitors in the cryptocurrency trading
CONTENT

  • Mike Novogratz’s company acquires two more firms for cryptocurrency trading

  • Galaxy Digital Holdings Goes To Attract More Institutional Investors

  • Earlier Novogratz advised investing in gold

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Galaxy Digital Holdings Ltd. announced the acquisition of two leading cryptocurrency trading firms: DrawBridge Lending and Blue Fire Capital.

Galaxy Digital bought two competitors ...

The number of Galaxy Digital agents reached 200

Galaxy Digital Holdings Ltd. announced the acquisition of two leading cryptocurrency trading firms: DrawBridge Lending, a digital asset lending innovator, and Blue Fire Capital, a trading firm specializing in providing two-way liquidity to digital assets.

“Galaxy Digital’s mission is to combine cryptocurrency with traditional finance. DrawBridge and Blue Fire’s capabilities will enable us to strengthen our position as a digital asset provider and expand our innovative portfolio. In addition, these acquisitions will bring together two exceptional and experienced teams that will play a key role in the management and development of our business in the coming years, ”said Christopher Ferraro, President of Galaxy Digital.

Galaxy Digital Trading uses a 24-hour global trading model and provides institutional clients and counterparties with a wide range of trading strategies. The company currently trades over $ 4 billion in OTC assets annually with nearly 200 active counterparties worldwide..

Galaxy Digital bought two competitors ...

The current 2020 has been a year of widespread acceptance of crypto by institutional investors, corporations, regulators and governments, and as a result, the GDT has recorded a significant increase in institutional demand for financial products and services related to cryptocurrencies..

“Institutional investors and corporations are becoming more aware of digital assets and have a better understanding of the purpose and importance of cryptocurrency in their investment strategies. We look forward to integrating DrawBridge and Blue Fire into Galaxy Digital Trading and the ability to leverage new technologies and solutions to further meet the growing institutional demand, ”said Michael Novogratz, Galaxy Digital Founder and CEO.

The acquisition of two new companies will help Galaxy Digital Trading to rapidly diversify its product line and enter new markets. Galaxy’s over-the-counter trading volume now exceeds $ 4 billion. However, the integration will allow the company to enter, add new derivatives and futures, enter the exchange markets, as well as improve the system of lending, borrowing and structuring the product line..

Novogratz advised investing in gold

Mike Novogratz, a well-known bitcoin supporter and CEO of digital bank Galaxy Digital Holdings, in an interview with CNBC Fast Money called for stocking up with gold, not bitcoin due to the high volatility of the cryptocurrency asset.

“It seems to me that bitcoin is superior to [gold], but I would advise people to have a lot less bitcoins than gold, precisely because of the volatility,” Novogratz said..

Novogratz stressed that the largest cryptocurrency by market capitalization is still difficult to acquire, which hinders the growth of the asset. In April of this year, Novogratz noted that the comparison of bitcoin with gold is not entirely correct, since the precious metal has “its own history”, and for bitcoin a “new period” will soon begin. Novogratz, however, noted that bitcoin will ultimately outperform gold in economic terms, at least because the virtual asset is still in its early stages of development..

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Galaxy Digital bought two competitors ...

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