By Uri Inspector, Staff Reporter
AlphaPoint, a blockchain specialist that helps institutions launch cryptocurrency trading platforms and tokenise assets, has received a $15 million investment from Galaxy Digital, a digital asset firm and investor in the blockchain and crypto space.
With AlphaPoint’s white label exchange and asset digitisation technology already in use in over 30 countries, the funding will be used to further accelerate global growth. CEO Salil Donde, says: “We are delighted to have Galaxy Digital Ventures as a strategic investor that shares our vision to unlock the value of illiquid assets for a wider audience of investors and traders. This investment allows us to continue our focus on our customers’ success.”
Founded in 2013, and marking its 5th anniversary with this partnership, New York City based AlphaPoint covers markets ranging from commodities, private company shares and fiat currencies, to real estate, diamonds, cryptocurrencies, ICOs and securitised token offerings. Among its clientele are CME Group, The Royal Mint, London Block Exchange (LBX), Bitt, and Muirfield Investment Partners, all of which have used the company’s blockchain infrastructure to digitise assets and launch cryptocurrency exchanges.
Started by billionaire investor and former Wall Street macro trader Mike Novogratz in January 2018, Galaxy Digital Ventures trades and manages cryptocurrency assets while offering consultancy and investment services to blockchain startups. Despite the prices of Bitcoin, Ethereum and other cryptocurrencies falling from unprecedented heights early this year, the New York firm has secured $191 million for cryptocurrency investment.
Novogratz says: “We are in the early stages of a fundamental transformation in financial markets due to the digitisation of assets. This transformation started with currencies but is now changing the way we look at commodities, real estate, art, and other traditional and emerging asset classes. We are excited to partner with AlphaPoint as we continue to help drive this revolutionary change in digital markets.”
The partnership puts Galaxy Digital’s managing director, Greg Wasserman, on the AlphaPoint board of directors Wasserman says: “The market opportunity for digitising illiquid assets is tremendous. Consumers are demanding increased access, transparency and trust. Businesses are seeking increased liquidity with reduced fraud, risk and cost. Executing on this market opportunity requires proven best-in-class technology alongside seasoned management teams with substantial experience providing new technology to a variety of financial institutions. AlphaPoint brings this rare combination together.”
Galaxy Digital raises money privately as part of a series of transactions that will eventually allow the company to be listed on stock exchanges without having to disclose any of its financial statements. A reverse takeover of a Canadian shell company Bradmer Pharmaceuticals allows investors to buy Galaxy Digital’s shares through Bradmer.