Former Wall Street macro trader and vocal Bitcoin proponent Mike Novogratz has expanded his involvement in the cryptocurrency field, investing $15 million in a startup company which aims to facilitate the launch of trading platforms and tokenizes assets through blockchain-based technology. Despite the current market correction, Novogratz remains overly positive towards the field in general.
Investing in the Future of Cryptocurrencies
Mike Novogratz, Founder and CEO of Galaxy Digital Capital Management, announced on Thursday that his asset management firm had invested $15 million in a startup which helps businesses build cryptocurrency exchanges and tokenize assets. The company in question – AlphaPoint – is also working closely with The Royal Mint and CME Group on developing a trading platform for digital gold. Joining AlphaPoint’s Board of Directors will be Galaxy Digital Capital Management’s managing director, Greg Wasserman.
Speaking on his firm’s latest investment, Novogratz said:
We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets. […] We are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets.
Previously, Mike Novogratz partnered with Bloomberg to launch a joint cryptocurrency index fund known as the Bloomberg Galaxy Crypto Index (BGCI).
The overall cryptocurrency market is in a state of a serious correction, losing upwards of $110 billion in the last month. At the time of this writing, Bitcoin, the market’s first and foremost cryptocurrency, trades at $6,538, which marks a 2.13 percent decline in the last 24 hours according to CoinMarketCap.
Despite the doom and gloom, Novogratz remains positive about the cryptocurrency market and has his sight firmly set on the future. Speaking at the “Bloomberg Invest” conference on June 6th, the ex-hedge fund manager expressed his take on the current situation:
Right now, the coins are kind of going sideways. But underneath, the people moving into the industry, it’s a straight line up. Job applications – straight line up. Private investing – straight line up.
His statements are not without merit. 2018 has seen massive interest shifting towards the cryptocurrency field on behalf of venture capital firms. Furthermore, cryptocurrency jobs are also on the rise as the field becomes more popular by the day.
Novogratz’s positive attitude could be hinting at a valid sentiment: despite the current market volatility, fundamentals are being laid down for a stable future.
Do you think better days are to come for Bitcoin and the overall cryptocurrency market? Don’t hesitate to let us know in the comments below!
Images courtesy of Reuters, CoinMarketCap