Bank Novogratz targets the cryptocurrency mining market

Bank Novogratz targets the cryptocurrency mining market

  • Novogratz’s business turned towards cryptocurrency mining

  • In addition to consulting services, Galaxy Digital will also mine Bitcoin on its own.

  • In Russia, they also became more active in the mining market, increasing capacities in Norilsk

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Bank Novogratz targets the cryptocurrency mining market

Mike Novogratz’s crypto bank Galaxy Digital to begin providing financial services to mining-focused companies

Mike Novogratz’s crypto-focused bank Galaxy Digital will begin providing financial services to companies operating in the mining industry. This was reported in the official press release of the company..

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Bank Novogratz targets the cryptocurrency mining market

A new division called Galaxy Digital Mining will become a one-stop financial services platform for cryptocurrency miners. In particular, the division will provide services in risk management, lending and equity investments, as well as consulting services on mergers and acquisitions of bitcoin miners..

The division will be supervised by Amanda Fabiano, a native of Fidelity Investments.

Heading towards the globalization of mining

In addition to consulting services, Galaxy Digital Mining has also deployed its own Bitcoin mining center in the United States..

“Bitcoin mining is the backbone of the Bitcoin network. By mining assets on our own, we can understand and address the financial needs of miners, as well as strengthen the industry and, therefore, the Bitcoin network, ”Fabiano said..

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Galaxy Digital’s interest in the bitcoin mining market appeared against the backdrop of announcements from the Huobi exchange about starting a business selling mining equipment. As part of the new business, Huobi will also offer custody services with retention periods of two years or more..

Bank Novogratz targets the cryptocurrency mining market

As the founder and head of the Binance cryptocurrency exchange Changpeng Zhao stated earlier, the cryptocurrency mining market will attract more and more investments as the price of bitcoin rises. At the time of this writing, the price of the cryptocurrency in the BTC / USDT pair is $ 37,771.

The domestic market also understood the potential of the mining market. As previously reported by the BeInCrypto editors, Norilsk has become a new hub for cryptocurrency miners with cheap electricity. Russian mining company BitCluster has already deployed infrastructure for bitcoin mining and intends to expand its services abroad, including Switzerland, USA and Japan.

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