The prices of the "confident" crypto billionaire Novogratz will recover, "tons" of development continue

Goldman Sachs' former partner, Michael Novogratz, recently pointed out that the cryptocurrency market would eventually recover, as "tons" of development work was underway "under the hood".

Realizing having tweeted about crypto for a while. It's a grind. Do not think we'll be going north for at least a few months. It always takes longer for institutions to move. Very confident, they will do it. Tons of activity under the hood. Stay on course

– Michael Novogratz (@novogratz) February 1, 2019

As CEO of Galaxy Digital Holdings Ltd, a New York-based company focused on the digital badet sector (ticker: GLXY), Novogratz recently acquired 5.5 million additional shares of the bank's institution. information he has created. In particular, the rather large purchase of Novogratz was concluded at a time when the cryptocurrency market showed no signs of recovery.

Although the Princeton University graduate does not believe that cryptocurrency prices will "head north for at least a few months," he is "very confident" of the market recovery. Speaking about how he expects a greater involvement of institutions in cryptography in the coming months, Novogratz explained that it was usually "longer" than institutions "move ".

Indeed, Bakkt, a subsidiary of Intercontinental Exchange (ICE) that will focus on trade and investment in cryptocurrency, could do a lot of development work "under the hood," as Novogratz suggested. In its first fundraiser, Bakkt managed to acquire $ 182.5 million in investment capital from investors who "believe in the future of digital badets".

"Collaborate with great companies like Starbucks"

Bakkt's investors would include the venture capital division of Microsoft, Pantera Capital, Galaxy Digital, Horizon Ventures, CMT Digital, and Protocol Ventures. Last year, Kelly Loeffler, CEO of Bakkt, explained:

[Currently, Bakkt’s focus] is focused on creating institutional access for digital badets, as well as merchant and consumer uses, and we are already developing this vision by working with great companies such as Starbucks.

Although the official launch of Bakkt has been postponed in part due to the closure of the US government and other delays in the regulatory approval process by the US Commodity Trade Commission (CFTC), seems that some positive developments have occurred. At the end of December 2018, Loeffler revealed that large clearing houses and other important customers "continued to join" Bakkt's initiative. More recently, Bakkt has posted ten new open positions on its website in an effort to increase its workforce, despite the indefinite delay in launching its futures bitcoin exchange market.

Nasdaq and Citigroup lead a $ 20 million investment cycle

Meanwhile, Nasdaq, the world's second largest stock market with a market capitalization of more than $ 10 trillion, recently announced that it has approved seven different digital badet exchanges to begin using its proprietary surveillance technology. . After Nasdaq itself appeared to have begun laying the groundwork for cryptographic products and services, the stock market giant would now help various cryptographic exchanges to incorporate technology to prevent fraud and market manipulation.

Last week, Nasdaq, Citigroup Inc. and Galaxy Digital Holdings led a $ 20 million Series B financing round, which will contribute to the development of Symbiont.io, a New York-based development-focused company. blockchain technology to enhance traditional financial markets.

Adena Friedman, CEO and President of Nasdaq, said earlier this month that she believes digital badets will play a key role in the future global economy. She noted that "the invention itself [of cryptobadets] is a great demonstration of genius and creativity. "