$15 m from Novogratz to Build Crypto Exchange Lego
One of the most authoritative hedge fund traders and bitcoin evangelist Mike Novogratz declared today that his fund Galaxy Digital Ventures is going to invest $15 million in blockchain company. The project called AlphaPoint, a New York-based startup that aims to simplify the process of issuing the blockchain assets by offering customers to use the tech that currently implemented in the process of creating new crypto exchanges.
In this way Novogratz, a former billionaire macro-trader New York-based City’s Fortress Investment Group, is multiplying his various blockchain and crypto investments, supporting a pick-and-shovel maker for the budding sector.
AlphaPoint, an early player in the space, already includes customers like a giant the Royal Mint of England, CME Group, and more. But with the financial support from Novogratz’s recently launched firm, AlphaPoint CEO Salil Donde expects to expand that to accommodate a broad array of other assets that have traditionally been tricky to trade.
As part of the financing, Donde announces that managing director of Galaxy Digital Ventures, Greg Wasserman will join the AlphaPoint’s board. The company intends to use the funds to double the team by the end of the year, though Donde rejected to reveal the current number of employees.
AlphaPoint was established in 2013 to assist crypto exchanges in building out their infrastructure but has since extended its service to cover a wide range of other assets. According to the firm, among the exchanges using AlphaPoint tech are Bitnaru, Cubobit, Miami Crypto Exchange, and Bitcoins Norway.
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