Galaxy Digital raising $250M to offer loans to crypto firms

posted 7 months ago
Galaxy Digital, the crypto merchant bank launched by former hedge fund manager Michael Novogratz, is reportedly raising $250 million to build a credit fund. Citing “people familiar with the matter,” the fund would offer loans in US dollars to struggling crypto firms because the demand for credit is on the rise amid the current bear market.

Loans would have to be backed by collateral such as crypto tokens, crypto mining devices and property, according to the report. Galaxy Digital is expected to close the first round of fundraising in March.
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