‘Crypto Bank’ Galaxy Digital Acquires Goldman Executive as its New COO

Galaxy Digital, the cryptocurrency merchant bank created and owned by cryptocurrency investor Mike Novogratz, has acquired former Goldman Sachs Executive Director Richard Kim as its new chief operating officer.

The acquisition represents yet another high-profile movement of a Wall Street executive into the cryptosphere. CNBC reported that Kim is part of a “handful” of former Goldman Sachs executives who made the leap into the world of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

In 2016, former Goldman managing director James Radecki left the bank to work in strategic investing and as an advisor for cryptocurrency investments. He later became the global head of business development at Cumberland Mining.

More talent moving into the Crypto World ?

Mike Novogratz hired Richard Kim from Goldman Sachs as the new COO of his crypto merchant bank Galaxy Digital The virus is spreading @APompliano @cryptomanran @MarkYusko https://t.co/slhprBwnW1 — Jason A. Williams (@JWilliamsFstmed) April 9, 2018

Earlier this year, cryptocurrency investment firm BlockTower Capital hired Michael Bucella, former Vice President of Multi-Asset and Global Equity Sales at Goldman. Matthew Goetz, who served as Vice President at Goldman for 11 years, formed BlockTower Capital in 2017.

Novogratz’ Rise in the Cryptosphere

Novogratz himself worked at Goldman in the late 1990s and formed Galaxy Digital earlier this year after a long career in Wall Street. In January, Novogratz described Galaxy as a "best-in-class, full service, institutional quality merchant banking business.”

Prior to the announcement of Galaxy Digital, Novogratz developed plans to create a $500 million crypto hedge fund last year - a plan that was abruptly halted in late December. At the time, Novogratz said that "we didn't like market conditions and we wanted to re-evaluate what we're doing." The decision to table the fund came amidst the massive Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term crash that followed its journey up to $20,000.

Novogratz has been making headlines for the past several months for his Bitcoin predictions, some of which have come true. In November of 2017, he predicted that Bitcoin would reach $10,000 by year’s end; before he decided to cancel the launch of the crypto hedge fund, Novogratz told CNBC that he believed Bitcoin could “easily” reach $40,000 by the end of 2018.

With the price of Bitcoin tanking and then stabilizing around $7000 for the past several weeks, many feel that a rise to $40,000 by the end of this year is a rather lofty goal. Then again, Bitcoin was at just $1180 a year ago today. If it continues to rise at the same rate (a 600 percent increase), Bitcoin will be worth $42,000 next April. Maybe the future isn’t as bleak as it seems to be.