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Billionaire Mike Novogratz Jumping Into DeFi Mania – Here’s the Entrepreneur’s New Bet on Crypto

by Daily Hodl Staff
September 30, 2020
in Blockchain

Billionaire and former hedge fund manager Mike Novogratz is hopping on the decentralized finance (DeFi) bandwagon with his latest investment.

Novogratz, the CEO crypto investment firm Galaxy Digital, has become a minority shareholder in the blockchain and DeFi-focused asset management firm ParaFi Capital. Galaxy Digital has joined the likes of startup investment firm Bain Capital Ventures and Henry Kravis of private equity giant KKR as ParaFi investors. 

According to ParaFi, the partnership will result in mutual benefits where Galaxy Digital can leverage the company’s expertise to identify opportunities in the nascent DeFi space.

Says Christopher Ferraro, Galaxy Digital president,

“Together with Galaxy’s sector expertise and unique insight into DeFi token liquidity and markets through our trading desk, we believe our partnership will be well-positioned to identify which applications and teams have the potential for exponential growth in DeFi.”

Ben Forman, founder and managing partner of ParaFi capital, is optimistic about the progress of DeFi amid scams and get-rich-quick schemes.

“Programmable finance is a ‘zero to one’ innovation enabled by blockchain, and DeFi represents the nascent architecture for a new, open financial network… As DeFi approaches an inflection point, we look forward to partnering closely with the Galaxy team.”

Founded in 2018, ParaFi Capital has deployed capital into DeFi protocols, including Compound (COMP), Aave (LEND), Uniswap (UNI) and Synthetix (SNX). 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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