Michael Novogratz, Chairman and Chief Executive Officer of Galaxy Investment Partners, is planning to establish and make public the first merchant bank that will focus on cryptocurrencies and blockchain-related ventures, Bloomberg reported.
Novogratz said in a statement 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.
The new bank will be born out of Canadian-based First Coin Capital, which Novogratz plans to buy and then merge with Bradmer Pharmaceuticals.
Its main businesses will include trading, advisory services, asset management, and private equity-like investing.
Bloomberg quoted a person familiar with the plans as saying that “Novogratz envisions Galaxy as the Goldman Sachs of crypto."