Galaxy Digital, a Crypto Merchant revealed yesterday, the 13th of November, 2020 that it had acquired two firms so as to assume a major role when it comes to serving organizations that need to access virtual assets like crypto.
The organisation revealed this strategic move via a press release that it had acquired DrawBridge Lending which is a platform that enables investing funds in virtual assets and also borrowing same. The second firm is Blue Fire Capital which provides services that cater to offering “two-sided liquidity for futures markets and digital assets”
Although Galaxy Digital did not immediately disclose details as to this new acquisition, the Crypto Merchant explained how this critical decision will convert DrawBridge’s more than $150 million will be converted to Galaxy Digital’s.
The President of Galaxy Digital, Christopher Ferraro, notes:
“Galaxy Digital’s mission is to bring cryptocurrency to traditional finance and vice versa.”
He continued that:
(This move) “will enable us to further amplify our strong position as a go-to trading desk in digital assets and more rapidly grow our innovative portfolio of trading products and services.”
Galaxy Digital, founded by Mike Novogratz, had earlier revealed their third quarter earnings to be a whopping gross sum of about $44.3 million for the year 2020. It will interest you to know that the firm just recovered from 2019’s 3rd quarter loss of about $68.2 million.
Galaxy’s President continued that the two acquisitions would enable the firm “further meet what we believe will be an even bigger wave of institutional demand.”