Galaxy Digital is a diversified financial services and investment management company which focuses on the digital asset and blockchain technology sectors. They handle investments, mining, trading, asset management, and more. They also help manage portfolios, including the relevant tax services (something which will become increasingly important if the infrastructure bill passed in the US Senate gets signed into law).
More than three-quarters of institutional investors in Europe believe that digital assets should be part of a portfolio, and 56% of European institutions hold investments in the asset class, which represents an 11% increase from the previous year. Compare that to the US, which went from 27% to 33% of institutional investors holding digital assets, and you see why Galaxy is increasing their European endeavours. Europe investors are more invested in digital assets, and the rate they are investing in them is growing faster.
“Welcoming a professional of Tim’s caliber to Galaxy Digital’s leadership team marks an exciting chapter for the firm as crypto and blockchain technology continue to gain traction globally,” said Mike Novogratz, CEO and Chairman of Galaxy Digital. “Europe is an important region for Galaxy Digital. Along with Tim, our incoming Chairman and senior advisor Michael Daffey is currently based in Europe. Many clients of our Trading, Asset Management and Investment Banking businesses are based in Europe, as are BitGo custody clients. Tim’s demonstrated leadership, operating expertise and proven track record in both legacy finance and the emergent crypto economy will accelerate our ability to address the global market opportunity that is crypto.”
Tim Grant served as the CEO of SIX Digital Exchange, the Swiss-regulated digital asset exchange of SIX Group for a year and a half. He also serves on the board of several FinTech and blockchain-related companies. In April, he joined the Board of Directors for the Enterprise Ethereum Alliance, in January he joined the Board of Custodigit AG, and in July 2020, he began serving on the Board of Directors for the Global Blockchain Business Council.
Grant was also the CEO and Founder of DrumG Technologies, CEO of the R3 Lab and Research Center, and Managing Director at UBS O’Connor and UBS Investment Bank. Grant has an abundance of experience with blockchain, data, FinTech, and investment.
“Galaxy Digital has established itself as the pre-eminent crypto and digital asset-centric financial services platform, acting as a gateway for institutional clients and corporations to participate in the rapidly evolving future of financial services,” stated Grant. “I am delighted to join Mike Novogratz and the deep bench of talented professionals at Galaxy who are acting as trusted partners to clients, while working to make crypto and digital assets ubiquitous, and I look forward to bringing my experience in both the traditional and crypto markets in Europe to bear as we make digital asset widespread accessibility and acceptance an institutional reality.”
Following the news, Galaxy Digital Holdings shares are down 89 cents and are currently trading at $23.99.