Mike Novogratz Is Raising $250 Million In Support Of Crypto Businesses

The popular venture capital billionaire Mike Novogratz is again in our crypto news today for announcing to be raising $250 million in order to support crypto businesses despite the bear market.

According to a Business Insider exclusive report, Galaxy Digital is allegedly in the process of raising $250 million in order to be able to create a credit fund that will finance crypto businesses that are struggling with the prolonged bear market currently but also in the future.

Since January 2018, the crypto market is valued to dropped from over $800 billion to a stunning $119 billion which a decline in nearly 90 percent.

The valuation of tokens and small market cap projects also declined and it has become really difficult for companies that are crypto-related to raise funds from individual investors or from venture capital.

Galaxy Digital wants to help the struggling companies to survive the bear market which is on its way to becoming the longest one in over the past 10 years on the crypto market. Mike Novogratz decided to help these businesses at a time where the most profitable companies are laying off employees so they can easily adjust to the market conditions. Coinbase, Bitmain, and ConsenSys are some of the companies that have laid off employees in the past few months.

Novogratz noted:

‘’2017 was just fun, it was almost stupid. But this year has been challenging. It sucks to build a business in a bear market.’’

This is not the first time blockchain projects are securing funds from venture capital firms such as Galaxy Digital, as a matter of fact, they do it regularly. However, the future developments on the market could serve as a strong indicator of the long-term trend in the crypto market.