reportedly Archives -
When Joe Biden announces that he’s running for president, he might make it a double reveal, Axios reports: Close advisers say the former vice president is considering telling voters he’ll pick popular Georgia Democrat and rising star Stacey Abrams as his running mate if he wins the Democratic nomination. There…
Drake Bell has suggested he and his former television brother Josh Peck are working on a new project, according to reports.
An American freelance journalist reportedly detained by Venezuelan authorities in a raid on his Caracas home has been released.
CNN.com – RSS Channel – Regions – Americas
Amazon.com Inc. plans to open dozens of grocery stores in U.S. cities, the Wall Street Journal reported, a move that would expand the retail and technology giant’s grocery footprint beyond its Whole Foods Market chain.
The first of these stores will open in Los Angeles as early as the end of 2019,…
R. Kelly is still in hot water: Two sources tell CNN a grand jury has been convened in Cook County, Illinois, in connection with new allegations against the singer. Attorney Michael Avenatti announced last week that he had turned over to authorities a videotape that allegedly shows Kelly having sex…
New Jersey woman reportedly left ‘shaking and crying’ after lost necklace with mother’s ashes is discoveredFebruary 13, 2019 | dailybusinessnews
A New Jersey woman was reportedly left “shaking and crying” after learning that her necklace containing her mother’s ashes was found after being lost at the mall.
A St. Louis police officer charged with involuntary manslaughter in the shooting death of a colleague injured himself after the shooting, sources tell the St. Louis Post-Dispatch . After taking Katlyn Alix to the hospital, Nathaniel Hendren reportedly head-butted the back window of a police SUV outside the hospital, breaking the…
The wording is couched to be sure, but the New York Times reports that a deal is in the works to end America’s nearly 20-year war in Afghanistan. Here is how the chief US negotiator in talks between the US and the Taliban puts it to the newspaper: “We have…
At least 200 people were said to be missing Friday by firefighters after a dam burst at a Brazilian iron mine and caused severe flooding in the southeastern state of Minas Gerais.
CNN.com – RSS Channel – Regions – Americas
The current market environment has caused several cryptocurrency companies such as exchanges, and miners to cancel growth plans, downsize their operations or even completely shut down. A massive new fund reportedly in the works is designed to help such struggling firms with much-needed finance until the situation improves and they return to profitability.
$ 250 Million Rescue Fund
Galaxy Digital is working to raise at least $ 250 million for a credit fund in order to make USD loans available to crypto firms, Business Insider reports, citing “people familiar with the matter”. According to the report, the fund will be asking for collateral in the form of cryptocurrency assets, properties, and even mining hardware. The first round of fundraising for this new credit fund is expected to close in March.
Galaxy Digital is not new to the business of making loans to crypto companies. It is believed to be already doing so using its own balance sheet and also led a $ 52.5 million investment round for cryptocurrency-backed USD lending platform Blockfi in July of last year. However, it is seeing so much demand for such services now, reportedly, that it has decided to create a new dedicated credit fund.
Surviving Crypto Winter
Besides many smaller projects, miners and ICOs, more established names such as Shapeshift and Huobi have been forced to downsize to cope with crypto winter. In contrast, companies that make their money by providing loans to companies with crypto holdings, such as Blockfi and Salt Lending, are reportedly growing due to the demand the current economic climate generates for their services.
Michael Novogratz, the founder of Galaxy Digital, is a former hedge fund manager who created his merchant bank in the hope it would eventually become the “Goldman Sachs of crypto.” The bear market of 2018 has been hard on the company’s stock, but Novogratz claimed in November he still believes that institutional demand for cryptocurrencies will drive the start of a new bull trend in 2019. The entrepreneur recently reported buying more Galaxy Digital stock, signaling that he is willing to put his money where his mouth is.
Is Galaxy Digital doing good for the cryptocurrency ecosystem with this fund? Share your thoughts in the comments section below.
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