Galaxy Digital is a cryptocurrency merchant bank founded by crypto investor Mike Novogratz. Novogratz, 53, is an alumnus of Goldman. He worked there in the late 90s and later had a long career in Wall Street. He commenced Galaxy Digital earlier this year and describes it as a "best-in-class, full service, institutional quality merchant banking business." He has been in the news for several months now for his Bitcoin predictions, some which actually came true. Last year in November, he predicted that Bitcoin would reach $10,000 by the end of 2017. Well, for 2018, he predicts that Bitcoin could multiply more than four times (viz. $40,000) by the end of the year.
It is reported Novogratz has acquired the now-former Goldman Sachs Executive Director Richard Kim as its new COO (Chief Operating Officer). Kim is a vice president at Goldman for the London area and is likely to move to New York in coming weeks to join Galaxy Digital. He resigned Goldman Sachs a couple of weeks back after serving in an administrative-type role within the foreign-exchange business. He was keen to set up a Goldman desk for trading cryptocurrencies.
This acquisition is one of the many high-profile movements of a Wall Street executive into the cryptosphere. Many former Goldman Sachs executives, who made the lead into the world of blockchain have relocated in the past. In 2016, James Radecki, the former Goldman Managing Director also gave up on the bank to work as an advisor for strategic cryptocurrency investments. He later became head of business development at Cumberland Mining globally. Michael Bucella, Vice President at Goldman for eleven years founded BlockTower Capital last year and Michael BucellaMichael Bucella, former Vice President of Multi-Asset and Global Equity Sales at Goldman.
Novogratz is also a former U.S. Army helicopter pilot. Earlier this year, he raised around $250 million for his cryptocurrency effort. Galaxy Digital doesn't only aim to trade crypto but also make principal investments, provide advice on blockchain-related ventures and manage assets for other clients.