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Analysis News

Novogratz launches the Galaxy Fund

Against the backdrop of a falling market and a decline in bitcoin, the famous crypto billionaire and crypto optimist Mike Novogratz announced the launching of a Bitcoin fund. Good time! (in the photo – Mike next to the Coinstelegram Agency CEO Anna Tutova)

Mike Novogratz, the great wrestler and billionaire on the Forbes list in the past, remains optimistic about cryptocurrencies and bitcoin. As CEO of his investment firm Galaxy Investment Partners, Mike announces the creation of a Bitcoin fund on its basis. The purpose of the creation is to streamline the BTC buying process and remove some of the pain points for investors. Mike clarifies:

– It’s just a bitcoin fund that takes care of custodying it, takes care of pricing it…It’s got one-week liquidity. So it just allows people to invest in bitcoin without setting up a Coinbase account, without worrying that their phone is going to get lost.

Novogratz once again emphasized that he is optimistic about new tools such as Bakkt:

– The NYSE’s Bakkt just got set up. There’s a futures exchange that’s starting to gain some volume. But more importantly, they’ve got a custody solution that is just coming online that’s going to get approved…world class custody which allows more and more people to get comfortable with it.

Bakkt really made sure that the institutionals reject fears while using the custody. To protect these funds Bakkt decided to get $ 125 million in insurance coverage.

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