Famed hedge funder turned cryptocurrency enthusiast Mike Novogratz announced Tuesday that he is launching a cryptocurrency bank.
Bloomberg News reported Novogratz plans to take the entity public on a Canadian venture exchange.
Less than a month after tabling a plan to start a cryptocurrency hedge fund, famed trader Mike Novogratz announced he has a cryptocurrency bank in the works.
In a statement out Tuesday, Novogratz said he is looking to raise $200 million for Galaxy Digital LP, a "best-in-class, full service, institutional quality merchant banking business" for the crypto market.
Novogratz also plans to list the company on TSX Venture Exchange, a Canada-based exchange for small cap companies.
A person familiar with the initiative told Bloomberg News that Novogratz "had been laying the groundwork for Galaxy for months."