Mike Novogratz's Crypto Bank Goes Live On Canadian Public Exchange

An early Bitcoin bull and former Wall Street trader, Mike Novogratz is bringing cryptocurrency to institutional investors.

Following a crypto bear market, Novogratz's merchant bank Galaxy Digital LP listed on Canadian stock exchanges today, August 1, 2018.

Novogratz cryptocurrency-focused merchant bank Galaxy Digital LP will be available for trading on Canada's TSX Venture Exchange on August 1, reports Bloomberg.

Galaxy Digital shares were valued at C$5 per share during its January 2018 private placement.

Reflecting on the stringent approval process, Novogratz said that Canadian regulators took longer than he'd expected to list Galaxy on its exchange.

The TSX Venture Exchange acts as a public venture capital marketplace for emerging companies too small to list on the Toronto Stock Exchange.

According to a press release, Galaxy Digital reported unrealized losses of around $134 million in Q1 2018 spread across its digital asset and equity investments.

Considered the "Goldman Sachs of Crypto," Galaxy Digital will invest in cryptocurrency and blockchain companies, trade digital assets and offer advisory services.

Earlier in July, Novogratz advised shareholders to stay patient and told CNBC Africa's Crypto Trader that he believes the overall crypto market has found its bottom.

As previously reported by CryptoSlate, Novogratz predicted that the total cryptocurrency market cap will reach $800 billion by the end of 2018.Cover Photo by Brxxto on Unsplash.