Galaxy Digital Expands Focus to Europe
Galaxy Digital, the investment group led by billionaire Mike Novogratz, is expanding its operations in Europe due to increased regulatory scrutiny in the United States. The company has appointed Leon Marshall, a former executive from crypto broker Genesis, as the CEO of its European division. Marshall will be responsible for managing the company’s expansion plans and building key client relationships in the region.
In addition to this expansion, Galaxy Digital has formed a strategic alliance with asset management firm DWS to offer digital asset exchange-traded products (ETPs) in Europe. This move comes as other crypto firms, including Ripple Labs, are also looking to expand in Europe and other crypto-friendly countries like Singapore and the UAE.
Crypto Firms Looks To Crypto-Friendly Countries
With increasing regulatory challenges in the US and the introduction of the EU’s Markets in Crypto-Assets Regulation (MiCA) law, many crypto firms see Europe as an attractive opportunity. Ripple CEO Brad Garlinghouse has criticized US regulators for their lack of regulatory clarity, prompting the company to explore expansion options elsewhere.
Hot Take: Galaxy Digital’s European Expansion Amidst Regulatory Challenges
As US financial regulators tighten their grip on the crypto industry and European regulators introduce new regulations, Galaxy Digital is making a strategic move by expanding into Europe. By appointing Leon Marshall as CEO of its European division and forming partnerships with firms like DWS, Galaxy Digital is positioning itself for growth in a region that offers more favorable regulatory conditions. This expansion not only allows Galaxy Digital to tap into new markets but also diversifies its operations beyond the US. As other crypto firms follow suit, it will be interesting to see how this shift impacts the global crypto landscape.
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