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."

The text above is a summary, you can read full article here.