$4 Billion Foxconn Chairman Invests in Cryptocurrency Merchant Bank

Mike Novogratz is extremely bullish on Bitcoin and other cryptocurrencies. He is convinced this new form of money has a bright future ahead in the years to come. His latest cryptocurrency merchant bank project attracts a lot of attention. Even Foxconn’s Terry Gou wants to get in on this action as of right now. With this venture already raising $250m through private investors, this new venture will be quite interesting. It seems Foxconn Chairman Guo is one of the people picking up some company shares early on.

Galaxy Digital will be a rather big venture for the cryptocurrency industry. It is designed to trade cryptocurrency and make principal investments, manage assets, and consultancy. While all of these industries are quite popular, combining them into a commercialized bank-oriented venture has not been done before. Mike Novogratz is confident this is the right time to introduce such a business model to the masses.

Foxconn Sees Merit in Cryptocurrency

With $250m raised for this venture, interesting things will happen. It seems Foxconn chief Terry Gou has also gotten in on the action quite early. It is only normal such a big venture attracts some of the world’s most wealthy individuals right now. Cryptocurrency is still a booming business and things are only just getting started. It seems Galaxy Digital will continue to raise money from private investors in the future. How much money, remains unknown at this point.

One interesting aspect of this venture is how Galaxy Digital wants to go public. Mike Novogratz purposefully pursues a model which allows him to do so without disclosing financial statements. It may seem a bit tricky to a lot of people, but it is a legitimate business model. It seems Foxconn chief Terry Gou sees merit in this particular model as well. By going public, company shares can be bought and sold more easily. For now, a holding company will take care of the shares by trading on the TSX Venture Exchange.

For now, it remains unclear how much money Foxconn chairman Gou contributed. Nor are there any other details regarding investors and participants to date. It is not the first time Foxconn contributes to a blockchain or cryptocurrency project either. They even have their own subsidiary blockchain firm, called Chained Finance. It will be interesting to see how Mike Novogratz’s new venture will play out. With so much private capital in place already, the future looks bright.

The post $4 Billion Foxconn Chairman Invests in Cryptocurrency Merchant Bank appeared first on NewsBTC.

Source: https://www.newsbtc.com/2018/02/09/foxconn-chairman-invests-in-cryptocurrency-merchant-bank-venture/

My Newsletter

Sign Up For Updates & Newsletters