Cryptocurrency Startups – Goldman Sachs Executive Joins

Goldman Sachs executive joins crypto startup. Richard Kim is apparently the new chief operating officer for merchant bank – Galaxy Digital. Cryptocurrency investor Mike Novogratz from Galaxy Digital approached Richard Kim to get onto cryptocurrency startups bandwagon. At present Galaxy spokesperson is unavailable for comment on the hiring.

Kim is to join Luka Jankovic, former hedge fund analyst from Goldman Sachs – who is one of the banks alumni at Galaxy Digital.

Bloomberg reported Kim’s move to cryptocurrency startups first, as well as many other big players from Goldman Sachs.

In January, BlockTower Capital recruited Goldman executive, Michael Bucella. Matt Goetz, who was a former Goldman vice president founded BlockTower in 2017.

Managing Director, James Radecki – left the bank in 2016 to work in strategic investing at another cryptocurrency firm as global head of business development at Cumberland mining. The firm is one of the largest cryptocurrencies traders.

Novogratz worked at Goldman Sachs during 1990’s and told reporters at The New Yorker that the firm hired the best person in blockchain at Goldman Sachs – as per April Issue. It is however unclear who he was talking about.

The Bitcoin surge of close to $20,000 last December brought many Wall Street traders and many new hedge funds to the market. Cryptocurrency funds rose to 245 this year – a rose from low 167 last year, with only 19 cryptocurrency firms in 2016. This research was done by Autonomous Next.

Galaxy Digital is asset manager for blockchain type ventures inclusive of cryptocurrency.

Novogratz is bullish on bitcoin after he left Fortress Investment Group in 2015 when they lost money. He believes and told CNBC last November that the cryptocurrency could multiply more than four times by end of 2018.

Novogratz told CNBC’s “Fast Money” that:

“Bitcoin could be at $40,000 at the end of 2018 – it easily could. Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well”

The Bitcoin price fell more than 52% this year – starting above $14,000 start of the year. The cryptocurrency market as a whole saw a loss of more than half of its market Cap since the year started.

Novogratz announced last December that he is delaying launch of what would’ve been largest cryptocurrency fund recorded.

Novogratz told CNBC last year that they were meant to launch December 15, but didn’t like the market conditions to start taking investors money.

They are however still building a full merchant bank for crypto and are still very bullish regarding the currency.

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