Galaxy Digital to Partner with Caspian to Boost Adoption of Crypto Trading
Bitcoin bull Mike Novogratz and his Galaxy Digital crypto merchant bank are teaming up with Caspian, the full-stack crypto trading and risk management platform. The aim is to improve the infrastructure supporting the institutional adoption of digital currency trading.
The announcement, made yesterday, will see Galaxy Digital become one of the initial users of Caspian’s crypto trading platform. Not only that, but the merchant bank will join the Caspian team as a technology consultant and advisor to further boost development of the platform.
Live across 20 crypto exchanges, Caspian’s platform has been designed to meet the needs of institutional asset managers who need to execute trades and maintain target allocations across multiple exchanges. As part of its growth, during Q3 2018 its projected that an additional 20 exchanges will be added.
“We’re offering institutional investors a frictionless, integrated ecosystem to trade on,” said Robert Dykes, Caspian CEO. “Galaxy’s decision to become a user on the platform is yet another important step for Caspian in becoming the go-to trading platform for sophisticated investors.”
Tying together the largest cryptocurrency exchanges on a single interface, Caspian has onboarded and is live with several large crypto asset management firms, and expects to onboard over 50 firms within the next three months.
News of Mike Novogratz partnering with Caspian comes one month after it was announced that AlphaPoint, a blockchain technology and infrastructure provider, had raised US$15 million in a Series A funding round from Galaxy Digital Ventures.
Novogratz, a former Wall Street macro trader, is aiming to turn Digital Galaxy into an “institutional-quality merchant banking business in cryptocurrency and blockchain.” Speaking to Bloomberg last month, he stated that he was building the “Drexel of crypt” via his Galaxy Investment Partners.
The billionaire investor is of the opinion that one day institutions will be ready to approach the cryptocurrency business. In January, Novogratz laid out plans to raise over $190 million, in addition to listing Galaxy shares on Canada’s junior stock exchange.