American billionaire investor Michael Novogratz plans to open Galaxy Digital full service crypto merchant bank, which some are describing as the ecosystem’s Goldman Sachs.

According to News.bitcoin.com, Michael Novogratz pulled back from bitcoin toward the end of last year, citing market volatility, and ultimately scrapped his much-anticipated crypto hedge fund as a result.

“We didn’t like market conditions, and we wanted to re-evaluate what we’re doing,” the investor noted.

An now “he’s returned with a market-defining announcement of plans to open crypto merchant bank and he’s betting his entire USD 400 million worth of crypto assets on the ambitious project”.

The bank will be created in cooperation with Bradmer Pharmaceuticals, First Coin and Galaxy Digital Holding. This will be digital assets merchant bank, with distinct trading, asset management, principal investment, and advisory business lines.

Galaxy Digital is set to be publicly listed on the TSX Venture Exchange, a Canadian electronic trading platform.

“Michael Novogratz will be that rare investment bird. It is perhaps relatively easy to risk someone else’s fortune, and entirely different when it’s yours,” the website writes.

Michael Novogratz previously worked at Fortress Investment Group hedge fund and then Goldman Sachs. He was in Forbes’s World’s Billionaires list in 2007 and 2008.

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