Novogratz’s Galaxy Digital Invests in Startup That Helps Launch Crypto Exchanges

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AlphaPoint Corp. has raised $15 mln in funding from digital assets merchant bank Galaxy Digital LP founded by billionaire investor Mike Novogratz, Bloomberg reported June 14. AlphaPoint Corp. is a firm which helps organizations launch crypto exchanges and tokenize assets.

From now on, Greg Wasserman, managing director of Galaxy Digital Ventures, will reportedly join AlphaPoint’s Board of Directors. Speaking about companies’ dealings, Novogratz said in a statement:

“We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets. We are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets.”

Novogratz, who is former Wall Street macro trader, is aiming to turn Galaxy Digital into what he reportedly calls an institutional-quality merchant banking business in digital currency and blockchain. According to Bloomberg, in January the investor rolled out a plan to raise $191 mln and that he is building the “Drexel of crypto.”

AlphaPoint Corp. was founded in 2013. In April, the company said it would partner with Royal Mint and CME Group to “launch a platform for trading digital gold.”

In the beginning of May, in response to its “clients’ growing interest in cryptocurrencies,” Galaxy Digital Management in partnership with Bloomberg launched the Bloomberg Galaxy Crypto Index (BGCI) that will track ten cryptocurrencies from the “largest, most liquid portion of the cryptocurrency market.”