First Coin Capital, a leading advisory firm to early-stage startups and companies considering ICOs, has entered into a letter of intent, with Galaxy Digital and Bradmer Pharmaceuticals to form a leading new enterprise in the blockchain, digital asset and cryptocurrency space to be called Galaxy Digital Holdings Inc.
“Based on similar visions for the future of the cryptocurrency and the blockchain ecosystem, we recognized that the combination of Galaxy Digital and First Coin would effectively bridge the gap between technology and markets and create a unique opportunity to build a preeminent firm in this rapidly evolving space,” said Frans Tjallingii, co-founder and CEO of First Coin. “This proposed transaction will provide a strong foundation from which we can expand and drive global impact.”
Based in New York and founded as a subsidiary of Galaxy Group Investments, the personal investing business of Michael Novogratz, Galaxy Digital will be focused on building a best-in-class, full service, institutional-quality merchant banking business in the cryptocurrency and blockchain space. The firm intends to capitalize on market opportunities made possible by the ongoing evolution of the digital assets space, through four primary business lines, including trading, principal investing, asset management, and advisory.
The proposed transaction will enable the companies to combine industry expertise and seamlessly service clients worldwide. Vancouver-based First Coin will also provide Galaxy Digital with access to a diverse mix of industry talent and will enhance its ability to build and scale its business and platforms over time.
“When we launched First Coin, we knew that we were meeting a market need for a firm that provided the full suite of ICO services, and the reception has been very strong,” said Marc van der Chijs, co-founder and director of First Coin.
The proposed transaction is subject to a number of terms and conditions as set forth in the letter of intent, including the approval of the respective shareholders of Bradmer and First Coin, the completion of the private placement of subscription receipts and the receipt of all requisite regulatory and stock exchange approvals.