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Galaxy Digital is repositioning from small ICO advisory to serve more institutional clients

On November 9, Galaxy Digital Holdings Ltd., a merchant bank dedicated to the digital assets and blockchain technology industry, founded by Michael Novogratz, announced several strategic operational and organizational changes.

“The industry underlying digital assets and blockchain technology continues to evolve.  We remain optimistic on the space overall yet recognize we need to reposition our Company to capitalize on the changing landscape,” – said Mike Novogratz.

According to the announcement, the Company is repositioning its Advisory business from focusing on small ICO advisory and blockchain consulting to instead serve larger, more institutional clients in the space. To that end, the Company is shutting down its Vancouver office, and will be adding to its New York-based team.

Richard Tavoso is transitioning out of his current role as President of Galaxy Digital at the end of the year. He will continue to serve as a trusted advisor and a member of the Board of Managers of Galaxy Digital Holdings GP LLC.

David Namdar, Co-Head of Trading, will be leaving Galaxy Digital “to pursue other opportunities”. Peter Wisniewski, Co-Head of Trading, will assume responsibility and oversight of the Company’s day-to-day trading activities.