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The Wall Street trader is planning to raise $200 million if the initial public offering (IPO) of his company is successful. The firm, named Galaxy Digital, is building a “best-in-class, full-service, institutional-quality merchant banking business in the cryptocurrency and blockchain space,” according to Novogratz, as quoted by Bloomberg.

Galaxy Digital will reportedly focus on such areas as trading, principal investing, asset management and advisory work. Novogratz, a former chief investment officer for Fortress, describes the new enterprise as the Goldman Sachs of crypto, according to a person familiar with his plans, according to Bloomberg.

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