Billionaire investor and former hedge fund manager Michael Edward “Mike” Novogratz has invested $15 million in blockchain startup AlphaPoint Corp., a company that assists institutions in the creation of cryptocurrency exchanges.
With this effort, the 53-year-old increased his investment in the cryptocurrency and blockchain sector, supporting the acceleration of growth of AlphaPoint, the leading exchange technology platform provider.
The Rise of Galaxy Digital
The investment came from Novogratz’s New York-based digital-asset firm, Galaxy Digital LP.
“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 said in a statement.
The former Wall Street trader is primed to transform Galaxy Digital into an institutional-quality crypto merchant bank. In January 2018, he announced his plan to raise $191 million for the effort, and stated he wants Galaxy Digital to become the Goldman Sachs for cryptocurrencies.
As reported by BTCManager in May 2018, the Bitcoin evangelist struck a strategic partnership deal with Bloomberg to create a cryptocurrency index called the Bloomberg Galaxy Crypto Index (BGCI), which would “track the performance” of ten prominent and most liquid digital currencies on the market, including bitcoin, ethereum, EOS, Monero, and Ripple.
In June 2018, Novogratz said he was creating the “Drexel of crypto,” referring to Drexel Burnham Lambert, the major Wall Street investment banking firm which practically built the junk-bond market. However, the firm fell to its demise in 1994 due to scandalous and illegal activities.
AlphaPoint – Visa Killer?
AlphaPoint is a financial technology company that supports cryptocurrency networks and provides its expertise to institutions over blockchain technology and infrastructure.
AlphaPoint founder and CTO, Joe Ventura, touts the firm as one to “help customers discover and execute their blockchain strategy.”
AlphaPoint was established in 2013 and supports various cryptocurrency and traditional exchanges across the world.
Its clients include Bitfinex, CoinTrader, BitcoinsNorway, and MexBT, as well as well-known companies and institutions including CME Group, the Royal Mint of England and more.
To manage global scale industries while keeping its operations flexible and straightforward, the company uses high-performance infrastructure, capable of performing as many as 1,000,000 trades per second. In comparison, Bitcoin can process about seven transactions per second, and Visa about 24,000 transactions per second.
AlphaPoint prides itself in fully supporting Linux and Windows operating systems, flexibility through the use of add-ons, high quality and simplicity in systems management and performance, as well as ultra-high security.
The post Novogratz Invests $15M in Cryptocurrency Startup appeared first on BTCMANAGER.
Source: BTCManager.com
Original Post: Novogratz Invests M in Cryptocurrency Startup
