Even though skeptics have been predicting that the cryptocurrency economy might fail in 2018, the latest announcement from the Canadian company, Bradmer Pharmaceuticals, may prove otherwise. The company has recently announced their partnership with investment giant, Michael Novogratz, in an attempt to establish the world's first cryptocurrency merchant bank, Galaxy Digital Holding. The endeavor has already been embargoed by US newswires, yet earlier this week, the ponderously announced business title, the First Coin and Bradmer Pharmaceuticals Announce Business Combination and Establishment of Blockchain Digital, made its first foray into the web.
According to the release, the merchant bank, Galaxy Digital, will essentially function as a full banking services providerdistinctly tailored to cryptocurrency. The platform will offer clients advisory business lines, distinguished trading, and asset management solutions. The two entities, Galaxy Digital and First Coin Capital Corp., will collaborate to build the proposed merchant bank and plans to be publicly listed on the Canadian stock exchange as TSX Venture.
The announcement came out of the blue to avid followers of the investment guru, Mike Novogratz. Toward the end of 2017, Novogratz that the price dip convinced him to halt his ambitious plans of establishing a cryptocurrency-based hedge fund service. At the time, he and his business partners felt the need to pause their current strategy and to re-evaluate their plan of action in the wake of the discouraging price dip.
According to the official announcement, Michael Novogratz’s personal investment expertise and business skills represent the cornerstone of this undertaking as they will generate and attract the necessary startup capital in order to create and develop a world-class service which will offer the cryptocurrency and blockchain industry a merchant business banking solution. This is not an uncommon practice by someone like Novogratz, who has previously been referred to as the “skin in the game” by the philosopher Nassim Nicholas Taleb. However, this new venture has caused many skeptics to wonder why Novogratz is willing to risk the fortunes of others but not his own, when it comes to pursuing crypto-related business ventures.
The statement reads that Galaxy Digital intends to use its links to several cryptocurrencies, including bitcoin and ethereum in order to encourage returns from four essential business segments. The bank intends to offer a myriad of comprehensive services including third-party asset management and principal investments, such as ICOs. In addition, Galaxy Digital will collaborate with First Coin in order to establish a crypto consulting service. The statement suggests that the merchant bank is planned to overcome most startup obstacles by the end of the first quarter of the year by utilizing the reverse take-over (RTO) strategy. This will allow the company to avoid initial public offerings. Any newly established company that falls under Galaxy Digital will lie within the legislative jurisdictions of the Cayman Islands.
The announcement added that Novogratz will serve as the Chairman of the board of directors at Bradmer. Theboard intends to be fully compliant with any policy requirements outlined by TSX Venture.
According to the release, the merchant bank, Galaxy Digital, will essentially function as a full banking services providerdistinctly tailored to cryptocurrency. The platform will offer clients advisory business lines, distinguished trading, and asset management solutions. The two entities, Galaxy Digital and First Coin Capital Corp., will collaborate to build the proposed merchant bank and plans to be publicly listed on the Canadian stock exchange as TSX Venture.
The announcement came out of the blue to avid followers of the investment guru, Mike Novogratz. Toward the end of 2017, Novogratz that the price dip convinced him to halt his ambitious plans of establishing a cryptocurrency-based hedge fund service. At the time, he and his business partners felt the need to pause their current strategy and to re-evaluate their plan of action in the wake of the discouraging price dip.
According to the official announcement, Michael Novogratz’s personal investment expertise and business skills represent the cornerstone of this undertaking as they will generate and attract the necessary startup capital in order to create and develop a world-class service which will offer the cryptocurrency and blockchain industry a merchant business banking solution. This is not an uncommon practice by someone like Novogratz, who has previously been referred to as the “skin in the game” by the philosopher Nassim Nicholas Taleb. However, this new venture has caused many skeptics to wonder why Novogratz is willing to risk the fortunes of others but not his own, when it comes to pursuing crypto-related business ventures.
The statement reads that Galaxy Digital intends to use its links to several cryptocurrencies, including bitcoin and ethereum in order to encourage returns from four essential business segments. The bank intends to offer a myriad of comprehensive services including third-party asset management and principal investments, such as ICOs. In addition, Galaxy Digital will collaborate with First Coin in order to establish a crypto consulting service. The statement suggests that the merchant bank is planned to overcome most startup obstacles by the end of the first quarter of the year by utilizing the reverse take-over (RTO) strategy. This will allow the company to avoid initial public offerings. Any newly established company that falls under Galaxy Digital will lie within the legislative jurisdictions of the Cayman Islands.
The announcement added that Novogratz will serve as the Chairman of the board of directors at Bradmer. Theboard intends to be fully compliant with any policy requirements outlined by TSX Venture.