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Galaxy Digital enters the field of mining, providing one-stop financial services for miners

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Giants enter the bitcoin mining industry.

Original source: Cointelegraph Chinese

Galaxy Digital is a financial services and cryptocurrency investment management firm founded by Mike Novogratz, which has set its sights on Bitcoin (BTC) mining.

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After a year of increasingly diverse products and activities, the company announced two new ventures in the bitcoin mining space in 2021. The first project will be the opening of a new business unit, which Galaxy describes as a “platform that provides one-stop financial services to miners.”

The unit, known as Galaxy Digital Mining, is led by Amanda Fabiano, a former mining executive at Fidelity Investments. In a brief introduction to her financial services background, Galaxy mentioned Fabiano's experience in non-traditional securitization, real estate financing, structured products, investment banking and strategic consulting.

Galaxy’s services for miners will initially include transaction and risk management, investment and lending, and corporate consulting. Galaxy co-president Chris Ferraro gave some perspective on how Galaxy Digital Mining fits into the company’s overall roadmap: “We’re seeing significant growth in mining project financing, equipment financing, digital asset-based financing, and working capital optimization and hedging solutions. opportunity.”

In addition to providing miner-centric financial services, Galaxy Digital Mining has created a proprietary Bitcoin mining mining operations, the unit is reportedly hosting its rigs at a third-party data center in the United States. Fabiano claimed that the two aspects of the sector's activities would be complementary, saying: "By mining ourselves, we are able to deeply understand and address the financial needs of miners."

As previously reported, Galaxy Digital’s performance in 2020 is positive, reflecting an optimistic trend in the mining industry and showing institutional investors’ interest in Participation in cryptocurrencies has increased. Galaxy Digital’s third-quarter earnings report showed a 75% year-over-year increase in trading volumes, driven by a broadening counterparty base, the launch of an electronic trading platform and growth in cryptocurrency derivatives.