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Novogratz bets on DeFi with its new alliance


Entrepreneurs always have the peculiarity of not stopping despite the circumstances and this seems to be the case with Mike Novogratz who has officially launched to invest in decentralized finance (DeFi).

Like many other companies and investors, Mike Novogratz appears to have jumped on the decentralized finance (DeFi) bandwagon with his latest investment. Novogratz is currently the CEO of cryptocurrency investment firm Galaxy Digital.

Additionally, he has become a minority shareholder in the blockchain and DeFi asset management firm, ParaFi Capital. Galaxy Digital has teamed up with companies like investment startup Bain Capital Ventures to invest in ParaFi.

What have the parties involved said about this new alliance? Mike Novogratz bets on DeFi

Ben Forman, founder and managing partner of ParaFi Capital, is optimistic about the progress of DeFi despite the fact that the sector abounds with projects that rip people off, with the promise of making them rich quickly.

ParaFi has stated that this alliance will result in mutual benefits where Galaxy Digital can leverage the company’s expertise to identify opportunities in the fledgling DeFi space.

Forman explained that “DeFi represents the nascent architecture for a new open financial network. (…) As DeFi approaches a tipping point, we look forward to partnering closely with the Galaxy team. ”

For his part, Christopher Ferraro, president of Galaxy Digital, has commented that Galaxy’s experience in the sector together with the liquidity and potential of the DeFi token market can provide good opportunities in this partnership.

Specifically, Ferraro commented “We believe our association will be well positioned to identify which applications and equipment have the potential for exponential growth in DeFi.”

Mike Novogratz has decided to go for decentralized finance (DeFi) through Galaxy Digital.
Mike Novogratz has decided to go for decentralized finance (DeFi) through Galaxy Digital.

Final comments

It’s undeniable that the decentralized finance (DeFi) industry is booming right now, despite the conditions. In the case of ParaFi Capital, these strategic partnerships help this market continue to grow, and they have not stopped since its founding in 2018.

For example, ParaFi Capital has since invested capital in DeFi protocols, including Compound (COMP), Aave (LEND), Uniswap (UNI), and Synthetix (SNX). Today their investments appear to be paying off, and their alliance with Galaxy is just another step on their growth path.

Both companies remain optimistic about the future, and their executives seem convinced that they are leading them in the right direction.

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