Galaxy Digital experiences millionaire losses
The merchant bank of cryptocurrencies has lost on average $ 41 million since the third quarter of this year
The cryptocurrency commercial bank Galaxy Digital Holdings LP is going through a prolonged crisis, with losses estimated at $ 41 million during the third quarter of 2018. This was recently announced by Mike Novogratz, CEO of the entity.
Undoubtedly, it has been a bad year for the customers of the cryptocurrency bank. The most recent damage was caused by losses of bets in ether, bitcoin and XRP, according to the company.
Novogratz has indicated that they face a great challenge in trying to generate value amidst what he defines as a carnage of digital currency. The fluctuation of cryptocurrency prices has been a severe blow.
The founder of the company stressed: “While we continue to improve and strengthen our commercial business, the lack of global trading volume in cryptocurrencies has been an obstacle.”
The actions of Galaxy Digital, with presence in New York, the Cayman Islands, New Jersey, Tokyo and Hong Kong, are selling below 55%, a historical minimum for the entity. However, the CEO is betting on a recovery for the year 2019.
M.Pino
Source: Criptopasion.com
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