Galaxy Digital bets on Europe following US crackdown

The firm of the billionaire Mike Novogratz wants to expand in Europe while regulators have strongly tightened the screw on the crypto-currency across the Atlantic.

In an interview with Financial Times, Leon Marshallthe new manager for the European region at Galaxy Digitalsaid that theEurope had become a ” destination of choice “for business start-ups and growth crypto.

The European market demand we are seeing, combined with the regulatory framework established by MiCA, is robust,” he said.

Published in the Official Journal this summer, European crypto regulations MiCA will come into effect on December 30, 2024. Leon Marshall, who previously worked for the DCG Group’s troubled Genesis crypto company, has just been appointed Head of Europe for Galaxy.

We’ve seen many competitors leave the space, and this has given us a unique opportunity,” he added.

In the wake of falling market prices, a number of crypto companies have been forced to cut spending or even file for bankruptcy. Last year, Galaxy Digital itself suffered a billion-dollar loss.

The executive is currently seeking to recruit for the group’s investment banking, asset management, crypto lending and derivatives businesses in Europe.

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Earlier this year, Galaxy entered into a partnership with German asset management company DWS to launch crypto-focused exchange-traded products on the European continent.

Other U.S. industry giants are also looking to expand further in Europe. This is particularly true of Coinbase, which recently teamed up with Austrian fintech Bitpanda as part of its European expansion. The Californian exchange is currently facing legal action in the United States. United States. This is not the case for Galaxy.

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