Unconfirmed: Novogratz’s Galaxy Digital to Raise $250 Million to Offer Crypto Loans

Citing two unnamed people familiar with the matter, the news outlet claims that Galaxy Digital is purportedly planning to close the first fundraising round for its crypto credit fund in March.Two anonymous individuals also noted that Galaxy decided to launch its own fund after seeing an increased demand for crypto lending services from firms amidst the bear market in 2018.The crypto merchant bank also led a $52 million fundraising round through its investment arm Galaxy Digital Ventures in order to fund the crypto-lending firm BlockFi in July 2018.However, crypto-lending business have continued to grow. Launched in 2018, BlockFi’s crypto lending product has seen its revenues grown tenfold since June, as recently revealed by BlockFi  CEO Zac Prince.Recently, Novogratz — who is both Galaxy’s founder and CEO — has increased his shares of the company by up to 79.3 percent of ordinary shares assuming their conversion, which reportedly amounts to 221.2 million ordinary shares.

Game ended? – Cease and desist issued

The regulation of cryptocurrency usage and advocacy is not issued by many countries. Though the countries that didn’t approve its usage, they have at least taken a positive stand on the transactions with these digital bucks. Italy seems to work on the positive side. Recently, three crypto companies were issued cease and desist by The Commissione Nazionale per le Società e la Borsa (CONSOB). Richmond Investing violated the Consolidated Law on Finance (TUF) as it failed to register as a financial intermediary. Crypton Ltd. and Eagle Bit Trade were also suspended for their actions. The watchdog is striving to make the ends meet.