Galaxy Digital enters Bitcoin mining and launches financial services unit for miners

Galaxy Digitalmanaged by financial services and cryptocurrency investment management company Mike Novogratz, It has been proposed to build a base in the Bitcoin (BTC) mining sector..

After a year of increasing diversification of its products and activities The company announced two new forays into the Bitcoin mining sector in 2021. The first project will be a new business unit that describes Galaxy “a comprehensive financial services platform for miners”.

Nickname Galaxy digital miningthe device is managed by Amanda Fabiano, former mining director at Fidelity Investments. In a brief overview of your background in financial services, Galaxy underscores Fabiano’s experience working with nontraditional securitisations, real asset finance, structured products, investment banking and strategic advice.

Galaxy Digital enters Bitcoin mining and launches financial services unit for miners
Galaxy Digital enters Bitcoin mining and launches financial services unit for miners

From the outset, Galaxy services to miners include trade and risk management, investments and lending, and business consulting.. The co-chair Chris Ferraro gave an idea of ​​where Galaxy Digital Mining fits into the company’s overall roadmap:

“We see great opportunities in mining project financing, equipment financing, digital asset financing, and working capital optimization and protection.”

Along with financial services with a focus on mining, Galaxy Digital Mining has also set up a proprietary Bitcoin mining operation and reportedly hosts its platforms in a third-party data center in the US. Fabiano stated that the two aspects of the unit’s activities will be complementary and said so “By mining ourselves, we can deeply understand and solve miners’ financial needs.”.

As previously reported, Galaxy Digital had a good 2020This reflects the fate of the industry in general and signals a greater involvement of institutional investors in cryptocurrencies. The earnings report for the third quarter showed a 75% increase in trading volume compared to the previous yearThis was due to a growing counterparty base, the launch of its electronic trading platform, and the growth of the crypto derivatives business.

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