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   467

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.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.