Novogratz’s Crypto Bank Galaxy Digital LP Starts Trading Aug. 1 on Canadian Exchange

Cryptocurrency bank Galaxy Digital LP will launch trading on the Canadian exchange TSX Venture Exchange on August 1, Bloomberg reports July 30.

Crypto Bank Galaxy Digital LP Starts Trading on Canadian Exchange

The listing proceeding on the Toronto Stock Exchange took eight months, for a variety of reasons, including a lack of a confirmed statement of financial position over the past 2 years. For the same reason, Galaxy Digital could not conduct an initial public offering (IPO).
To address this issue, Mike Novogratz was merging the bank with a shell company listed on the Toronto exchange via a reverse takeover. Nevertheless, the regulators of Canada continued to closely monitor the company, conduct inspections and in every possible way brake the listing.

As Novogratz said, he does not regret that it was necessary to overcome the difficult obstacles before the bank was listed as a trader. On the other hand, Novogratz noted that he would not have started the listing procedure if he had known about the long-term recovery of the cryptocurrency market after the fall this winter.
“If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public. But I don’t think it’s a mistake”, Novogratz said in interview with Bloomberg in Toronto.

Reverse Takeovers

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