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   592

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.

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.