Galaxy Digital, Mike Novogratz’s popular company is expanding its services and will provide crypto options contracts trading according to the latest cryptocurrency news we have our website today.
According to reports, Galaxy Digital has a plan to respond to the increasing demand from the institutional investors in order to shield from the high volatility of the crypto assets.
Bitcoin options is a type of crypto derivative that is basically a very spread method of profiting from an extremely volatile market by strategically hedging the risks such as losses in trading. Similar to traditional finance, there are two types of crypto options available for purchase: call options and put options. These provide the right to purchase and right to sell the holding at a set price.
The global bead of business development at Galaxy Digital Yoshi Nakamura claimed that crypto-related businesses such as mining companies are expressing more interest in crypto options currently. However, he declined to provide further numbers about the growth of the company adding that the new crypto options business is new.
According to the report, Galaxy Digital is not the first company to offer Crypto trading options since the service is supported by over-the-counter trading operators such as Akuna Capital and the Chicago-based crypto trading firm DRW Holdings LLC.
As reported in the altcoin news, high volatility is one of the biggest issues people gove up on cryptocurrencies with more than 30% of the answers from polls saying they gave up crypto because of it. Meanwhile, the BTC futures have broken the $10,000 mark today on the Chicago mercantile exchanges CME. Bitcoin also managed to reach new highs to the price level it hasn’t been since 2018. The institutional investors are piling in and the confidence for the number one cryptocurrency is getting stronger.
Novogratz, the Ex-Goldman Sachs partner, increased his shares in Galaxy Digital and now according to a report that reached our website, he owns almost 80 percent of the shares in the company. He is also the founder of Galaxy Digital and serves as a chief executive officer at the crypto-merchant bank and now he reportedly owns about 221 million ordinary shares which are about 80 percent of the ordinary shares. The CEO bought 7.5 million new shares.
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