M. Novogratz Unveils Crypto Merchant Bank Plans

The plan of the founder is to work in four business areas: trade, venture capital investment, asset management and consulting
18 January 2018   351

American billionaire and cryptocurrency enthusiast Mike Novogratz announced a plan to create a commercial bank with its own crypto-investment fund. This is reported by Coindesk

Novogratz's investment fund Galaxy Digital Assets Fund concluded a memorandum of intent with First Coin Capital and Bradmer Pharmaceuticals Incorporated, a company established to develop and commercialize a new method for treating brain cancer.

The press release says about the intention to make Galaxy Digital a bank of digital assets. The plan is to work in four business areas: trade, venture investments (such as in ICO), asset management and consulting - the latter to cover the areas of market research, whitepaper in writing, design architecture, business and technical documentation, selection of suppliers and project management.

Novogratz is the chairman and CEO of the new enterprise, and the press release lists eight more people who will constitute the management team. Novogratz is the ex-general director of the investment group Fortress Investment Group, and his enthusiasm for crypto-currency is widely known. He told CNBC in December that he believes Bitcoin can "easily" reach $ 40,000 by the end of 2018.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.