Novogratz’s Crypto Bank Galaxy Digital Invests in Digital Asset Lender

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Digital asset lender DrawBridge Lending (DBL) announced that it received funding from cryptocurrency commercial bank Galaxy Digital.

A fiat-crypto lending and investing service

DrawBridge announced in a press release published on Aug. 8 that it received funding from Galaxy Digital, further strengthen DBL’s fiat-crypto lending and investing capabilities. 

Furthermore, the two firms reportedly plan to jointly develop a co-branded special-purpose loan funding vehicle to provide structured financing against institutionally held crypto assets. Michael Novogratz, CEO and founder of Galaxy Digital, commented on the development:

“The institutionalization of digital assets is still relatively nascent despite increasing momentum and interest from a number of respected firms and industry players. […] As we look to the future, we recognize the benefit of aligning ourselves with smart and innovative strategic partners who know how to effectively execute in the institutional space. The team at DBL fits the bill in this regard.”

A regulated crypto lender

Per the report, DBL is a licensed lender and is able to provide commercial loans in 49 states and Washington, is a registered commodity pool operator and commodity trading advisor with the national futures association. 

Christopher Ferraro, President of Galaxy Digital, is quoted in the release stating:

“Investors are absolutely opening up to the idea that a new asset class is being formed.”

As Cointelegraph reported earlier today, San Francisco-based crypto lender (and DBL competitor) Dharma has decided to pause new deposits and loans on its platform.