Galaxy Digital Raising $250 Million to Offer Loans to Crypto Firms: Report

Galaxy Digital, the crypto merchant bank launched by former hedge fund manager Michael Novogratz, is reportedly raising $250 million to build a credit fund.

A Business Insider report on Thursday citing “people familiar with the matter” said that the fund would offer loans in U.S. dollars to struggling crypto firms because the demand for credit is on the rise amid the current bear market.

Loans would have to be backed by collateral such as crypto tokens, crypto mining devices and property, according to the report. Galaxy Digital is expected to close the first round of fundraising in March.

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