Ex-fund manager and billionaire investor – Mike Novogratz is planning to launch the first-of-its-king merchant bank which have its focus on blockchain related ventures and cryptocurrencies. Novogratz, the Chairman and CEO of Galaxy Investment Partners, had earlier planned for a $500 million Bitcoin-hedge fund but scrapped of the plans at the end of 2017 citing market volatility.

However, it is not ‘all quits’ for Novogratz as he has already unveiled the planned for a cryptocurrency merchant bank, which Bloomberg refers by saying as the Goldman Sachs of the crypto ecosystem, and is betting a whopping $400 million worth of cryptocurrency assets on this ambitious project. The report from Bloomberg stated: “Novogratz is putting substantially all of his crypto investments into Galaxy — about $400 million of bitcoin, ether, initial coin offerings and stakes in startups such as Xapo, Bitstamp, and Ripple Labs.”

The merchant bank will be known as Galaxy Digital Holding and build in partnership Canada-based Bradmer Pharmaceuticals. The official announcement in a press release from Bradmer Pharmaceuticals was made on Jan 9, 2017, stating “Galaxy Digital, First Coin and Bradmer Pharmaceuticals Announce Business Combination and Establishment of Blockchain, Digital Asset and Cryptocurrency Platform.”

The merchant bank formed by the collaboration of these three entities will be listed on the Canadian electronic trading platform – TSX Venture Exchange. The announcement explained that Mr. Novogratz “is expected to be the initial Chairman of the board of directors of Bradmer. Further, the board will have committees with charters and memberships consistent with TSX-V requirements.”

Further, the press release states that the Galaxy Digital merchant bank will be active in four areas of operations which include Trading, third-party Asset Management, Principal Investments like Initial Coin Offerings and Advisory, with First Coin.

Moreover, the the bank will also leverage its deep ties with the Ethereum, Bitcoin and other communities in order to drive handsome retire from the above operation business segments.

Most of the formalities about the legal procedures and regulatory hurdles are expected to get completed by the end of the first quarter by using the reverse-take-over-technique (RTO) in order to avoid expensive Initial Public Offerings. The companies are expected to roll out their arrangement with Digital Galaxy “under the laws of Cayman Islands.”