Galaxy Digital to Explore Real Estate Tokenization, Novogratz Says

Billionaire investor, Bitcoin bull, and founder of crypto merchant bank Galaxy Digital Holdings Ltd. Mike Novogratz is the latest member of the crypto …

Billionaire investor, Bitcoin bull, and founder of crypto merchant bank Galaxy Digital Holdings Ltd. Mike Novogratz is the latest member of the crypto community to jump on the asset tokenization bandwagon. Asset tokenization is the practice of taking “real-world” assets, such as gold and real estate, and tying their ownership rights to cryptocoins so that they can be easily tracked and traded.

At a conference in Toronto held yesterday, Novogratz said that “there’s positive movement on the technology and there are new technologies coming,” and that “there’s positive movement on the institutional adoption of the architecture needed.”

Join the Leading Industry Event!

It’s Been a “Crappy Bear Market”, But Technology is Moving Forward

Mike Novogratz (Reuters)

Indeed, the practice is becoming more popular. A growing number of platforms are offering tokenization services; platforms are being built specifically to assign buildings with their own tokens. “Such coins let investors get out of their investments by selling their shares any time through exchanges instead of holding on to them for years,” a Bloomberg report explained.

Novogratz added that while “it feels like a crappy bear market, and it has been in coins,” these technological advances should be viewed as positive industry progress, and that “you’re going to see more and more of” companies tokenizing real estate and other assets. “It’s not nearly as sexy as Web 3.0,” he conceded, “but it’s a part of this broader movement of tokenization, digitalization in blockchain and the blockchain makes a lot possible.”

According to Bloomberg, Galaxy Digital has hired Ian Taylor, an investment banker from Goldman Sachs Group Inc. who worked in real estate to develop and run what will eventually be fully-functioning real estate tokenization platform. Taylor will officially join the company before the end of this year.

Suggested articles

NewsBTC to Make Splash at London Summit 2018Go to article >>

Mike Novogratz Reels in Bitcoin Price Enthusiasm

Mike Novogratz is one of the cryptoshere’s most well-known Bitcoin bulls and price predictors. Near the end of 2017, Novogratz’ price predictions came true, one after another, as the price of Bitcoin continued to climb. However, he didn’t seem to see the crash at the beginning of this year coming; at the end of November 2017, he predicted that BTC could “easily” break $40,000 in 2018.

More institutional architecture. Excited to partner with @BitGo and @GoldmanSachs#theherdiscominghttps://t.co/X49qYlReZ8

— Michael Novogratz (@novogratz) October 18, 2018

Now, Novogratz’ price predictions are a little more modest. Recently, he expressed that he doesn’t believe that BTC will surpass $9,000 before the end of this year. This is perhaps in part due to the fact that galaxy Digital reported a $134 million loss during its first quarter.

Related Posts:

  • No Related Posts

There’s positive movement on the institutional adoption of the architecture needed: Novogratz

According to a Bloomberg report, Michael Novogratz and his crypto firm want to jump into the “tokenization” of real estate though cryptocurrencies are …

Cryptocurrency

According to a Bloomberg report, Michael Novogratz and his crypto firm want to jump into the “tokenization” of real estate though cryptocurrencies are on a downtrend bearish market.

“So while it feels like a crappy bear market, and it has been in coins, underneath it there’s all kinds of positive things. There’s positive movement on the technology and there are new technologies coming. There’s positive movement on the institutional adoption of the architecture needed,” said Novogratz, Founder, Galaxy Digital Holdings Ltd.

He stressed that many companies have started selling token in order to split its debt or move from New York to Aspen, Colorado and was positive that many more companies will do the same in future.

“It’s not nearly as sexy as Web 3.0. But it’s a part of this broader movement of tokenization, digitalization in blockchain and the blockchain makes a lot possible,” he said.

According to Novogratz, before the year ends Ian Taylor, an ex-employee of Goldman Sachs Group Inc., will join Galaxy Digital to oversee the advisory-services arm. This unit includes services like token raises, debt and equity private placements, mergers, and restructurings.

The asset management business of Galaxy has partnered with the parent company of Bloomberg News in order to offer a combined crypto index called the Bloomberg Galaxy Crypto Index.

According to an earlier report by BC Focus, Michael Novogratz remained unaffected that the Department of Justice had started a criminal probe into potential trading manipulation.

He mentioned that he was not shocked and is ready to be investigated

Image via Shutterstock

Join our telegram group

Related Posts:

  • No Related Posts

Uber CEO Takes Wait-And-See Approach to Saudi Investment

LAGUNA BEACH, Calif.—Uber Technologies Inc. Chief Executive Dara Khosrowshahi said he is taking a wait-and-see approach to allegations that …

LAGUNA BEACH, Calif.—Uber Technologies Inc. Chief Executive Dara Khosrowshahi said he is taking a wait-and-see approach to allegations that the Saudi government—one of the company’s biggest shareholders—was behind the death of journalist Jamal Khashoggi last month in Turkey.

Uber has perhaps the closest ties to Saudi Arabia of any Silicon Valley company, after taking a $3.5 billion investment in 2016 from the kingdom’s Public Investment Fund. PIF Managing Director Yasir al-Rumayyan joined Uber’s board as part of that deal….

Related Posts:

  • No Related Posts

Bitcoin Cash (BCH) Hard-Fork — Complete Guide — Bitcoin Cash ABC Vs. Bitcoin Cash SV

… BCH evangelist, Roger Ver, and on the other side, Bitcoin SV (Satoshi Vision), promoted by the self-proclaimed Satoshi Nakamoto, Craig Wright.

The fourth biggest cryptocurrency by market capitalization, Bitcoin Cash (BCH), is going to see a ‘split’ in its currency, referred to as a hard-fork, on Wednesday, November 15th.

The community of developers behind BCH separated into two opposing camps. On one side, Bitcoin ABC, strongly advocated by the well-known BCH evangelist, Roger Ver, and on the other side, Bitcoin SV (Satoshi Vision), promoted by the self-proclaimed Satoshi Nakamoto, Craig Wright.

What is a hard-fork?

A hard-fork is an event that splits the blockchain into two chains with the same history, which means that all assets stored on the network are duplicated to the new chain. Forking happens often in cryptocurrencies as every upgrade that developers want to implement into the system has to happen through it.

The new, upgraded blockchain continues to serve as the successor of the original, while the one with the old set of rules stops being supported.

However, if developers do not reach a consensus about the upgrade, they may decide to part ways, and a hard-fork splits the main chain into two new chains with the same history, who both continue to be operable and supported.

Such is the case with the upcoming Bitcoin Cash hard-fork.

How to claim your new coins?

OPTION 1 — cryptocurrency exchange (easy way)

The easiest way to claim both cryptocurrencies that will come out of the fork is to keep you Bitcoin Cash (BCH) on an exchange that will support both chains after the fork.

Although you won’t be in full control of your funds (no private keys) while your assets sit on the exchange, this method is ideal for non-technical users. This way, all technicalities are dealt with by the exchange who employ sophisticated engineers who know what they are doing.

At press time, a good number of top exchanges have announced the support for the hard-fork, some in different ways than others:

All users entrusting their coins to exchanges supporting both Bitcoin ABC and Bitcoin SV chains can, after the exchange provides them with new assets, transfer them into their private wallet. Note that you can only withdraw the new asset (Bitcoin SV) to wallets that add support for it.

OPTION 2 — Using wallet (technical way)

If your funds are being held in a ‘private’ wallet (you control private keys) prior to the hard-fork, you can claim both versions of the coin through the new wallet released by the forked chain’s development team.

Ledger Nano S

Top hardware wallet providers have also announced their policies regarding the Bitcoin Cash fork. Ledger stated that they will suspend all BCH transactions and wait to see which of the chains becomes technically and economically stable before resuming the service.

Trezor

Trezor announced that their system runs Bitcoin ABC nodes, but if the other side emerges to be the dominant one after the fork, they will reevaluate their position.

However, while claiming their assets themselves, users have to be aware of the replay attack risk.

The replay protection

Since the replay protection hasn’t been implemented by any opposing side in the Bitcoin Cash hard-fork, users are in danger of being hit by a replay attack.

What is a replay attack?

A replay attack is when a transaction from one chain is ‘replayed’ onto the newly forked chain by a malicious actor. Say you have 10 Bitcoin ABC at the time of the fork, you will have an equivalent amount of Bitcoin SV.

Now if you send 5 Bitcoin ABC to your friend Bob, Bob can use the same transaction information to maliciously send himself 5 Bitcoin SV. However, you can take certain steps to protect yourself against such an attack.

To protect yourself, you will want to send your Bitcoin ABC after the fork has occurred to a new Bitcoin ABC address you control before claiming your new coins. This way, the address in question at the time of the fork will only ‘contain’ Bitcoin SV and your Bitcoin ABC are no longer at risk.

To take an extra precaution, users are strongly adviced not to make transactions a few days before and after the hard-fork snapshot takes place to ensure the network is stable.

BCH price surge prior to fork

Since it became obvious that this hard-fork will not be consensual, investors rushed in to buy BCH to be able to claim both assets.

Therefore, as can be seen in the BCH/USDT chart below, the price of Bitcoin Cash surged from $425 to $647 in 5 days, recording over 50% gain for traders who took their positions in time.

Next few days were marked by the retracement of more than 20% from the recent peak. However, today we have witnessed a new rally of 8% that got erased rather quickly as the markets turned red.

It will be interesting to see where the price of BCH (or of its derivatives) will go after Wednesday, and which of the forks will prevail as the legitimate successor of Bitcoin Cash in the eyes of the community.

Related Posts:

  • No Related Posts

Uber CEO on Relationship With Saudi Investors

Uber CEO Dara Khosrowshahi talked about his company’s relationship with its Saudi investors after the Jamal Khashoggi killing. Photo: Nikki Ritcher …

2:50

Are Our Processors Vulnerable to Attack?

11/13/2018

At the WSJ D.Live Tech conference, Renee James, Chairman and CEO of Ampere, and Richard Clemmer, CEO of NXP Semiconductors, discuss the likelihood of Chinese companies inserting tiny chips into U.S. company servers to compromise security.

Related Posts:

  • No Related Posts