Novogratz’s Galaxy Digital considers getting into the BTC mining business and this new establishment will focus on offering crypto expertise and financial services to the miners. The company plans on launching its own project to mine BTc on a proprietary basis so let’s learn more about it in today’s BTC news.
Mike Novogratz’s Galaxy Digital plans on making a step into the Bitcoin mining sector as they will be the designated new fraction of the new investment company and will focus on establishing a new business body that is aimed at providing financial services for the miners as we can see in the text below. According to a press release, the Galaxy Digital mining project will launch somewhere in 2021 and the new company will try to connect the existing business lines and to launch a comprehensive pack of financial services and products to the miners including risk management and trading solutions plus M&A advisory services.
The company also announced that the new endeavor will be aimed at the BTC mining procedures only and will aim to provide BTC miners with a mixture of expertise in trading and risk management, lending, investing and corporate advisory that will be combined with all necessities of the mining environment. Ex-Director of BTC mining at Fidelity Investments Lara Fabiano will enter Galaxy digital Mining teams as a leading figure and will join a team of experts that have knowledge in real asset financing, investment banking, and securitization.
In the meantime, Galaxy Digital mining will mine BTC as well after establishing the new BTC mining operations and will also host machines and devices as a third-party datacenter based in the US:
“Bitcoin mining is the foundation of the Bitcoin network. By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network.”
$GLXY is officially mining $BTC. Go @_amanda_fab
— Mike Novogratz (@novogratz) January 15, 2021
Co-president of Galaxy Chris Ferraro said:
“Going forward, we see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading’s industry-leading capabilities.”
The CEO of Galaxy Digital Holdings expressed his opinion as well as he has already commented multiple times over the past year providing analysis, predictions, and comments on Bitcoin’s price movements and expectations. However, he mentioned that the end of the year BTC rally was driven by the high net-worth individuals and hedge fund institutions. He said that he tends to think that these major players will mitigate some of the volatility.
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