ICO consulting to institutional clients

Mike Novogratz’s Galaxy Digital reorients from ICO consulting to institutional clients

Mike Novogratz’s cryptocurrency company Galaxy Digital Holdings Ltd. announced “several strategic operational and organizational changes.” The corresponding press release was published at the end last week.

First, the company intends to “adapt to the regulatory environment and opportunities, which she sees now, and reorient its consulting business away from small ICOs and blockchain startups to larger, more institutional clients. ” As a result, the company is closing its Vancouver office and expanding its New York team..

Mike Novogratz's Galaxy Digital reorients from ICO consulting to institutional clients Mike Novogratz's cryptocurrency company Galaxy Digital Holdings Ltd. announced 'several strategic operational and organizational changes.' The corresponding press release was published at the end of last week.

Second, the current president of Galaxy Digital, Richard Tavoso, will retire at the end of this year, but will continue to serve as a trusted advisor and board member. “Tavoso was instrumental in the formation and launch of Galaxy Digital. The company expects him to continue to be involved in its affairs, “- said in the publication.

In addition, co-head of trading David Namdar will also resign. “This event is of particular interest,” writes The Block, citing sources. “Namdar is known as the man who helped persuade Novogratz to place a significant portion of his family wealth management unit’s assets in cryptocurrencies a few years ago.”.

Commenting on recent developments, Novogratz said: “I would like to thank Richard Tavoso and David Namdar for all the support they have provided in the launch and development of our company. I look forward to continuing to work with them, with Richard as manager and David as a key member of the cryptocurrency community. “.

In July, it became known that the decline in the cryptocurrency market this year turned out to be large realized and unrealized losses for Galaxy Digital..