Ex Goldman Sachs Executive to Take Over as Galaxy Digital Chairman Prior to its Public Listing

Published April 16, 2021 | Updated April 17, 2021

Source: WSJ

Ex Goldman Sachs Executive to Take Over as Galaxy Digital Chairman Prior to its Public Listing

Galaxy Digital, a crypto asset manager has announced Michael Daffey, the former Goldman Sachs executive as the chairman of the firm. The decision seems to be taken because of its public listing later this year. Daffey would take over the lead role from founder Mike Novogratz who would maintain his position as the CEO of the company. Daffey commented on his recent appointment and said,

“This is a great, new next chapter for me. I have a lot to learn, It reminds me of Wall Street 20 years ago,”

Daffey headed the global markets division at Goldman Sachs until March 31 this year and would be leaving his position on a high given the department he was heading contributed 40% of the banking giant’s first-quarter revenue. Galaxy Digital is all set to make its public debut later this year, and Daffey’s experience on Wall Street for nearly 3 decades could be of great use for the crypto company in mitigating regulatory hurdles.

Galaxy Digital Eyeing the US Market After North America

The recent debut of Coinbase on Nasdaq was deemed as a landmark event for the crypto space as it opens the gate for many other crypto companies with growing mainstream demand. Galaxy Digital’s shares are already listed on the Toronto Stock exchange and now it plans to expand its reach in the US as well. Novogratz said,

“There’s a dearth of good, public equities in the crypto space I think you’ll see other companies try to fill out that portfolio.”

Galaxy Digital became the world’s first company to file for an Ether-based ETF in Canada, highlighting its aggressive approach to adding more crypto-based products to its portfolio. Apart from Ether ETF, the crypto investment firm also filed for a Bitcoin ETF with the US SEC recently, making them the 8th ETF applicant in the US.

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Prashant Jha 984 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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