Korea Blockchain Week ‘D.FINE’ the blockchain dream

“The DNA of blockchain is seeping into the world.”

That was one of the major takeaways from Galaxy Digital founder and CEO Michael Novogratz, who took part in the Korea Blockchain Week’s main event “D.FINE” on Monday. In a fireside chat with Ryan Lee of Dunamu & Partners, Novogratz noted that by entering the blockchain industry, global giants are helping boost the market.

“Blockchain services with a large number of users will change the industry,” he said, adding that tech-savvy Asia could serve as a test bed for the technology. “Asia’s fintech is just way better than U.S.’s.”

South Korea, in particular, is making huge investments in blockchain—the technology has found use cases in both private and government sectors. The government of Seoul announced that it’s launching a blockchain-based administrative service for residents in November, while the port city of Busan has already been designated as a “regulation-free blockchain zone.” Its close contender for the title, Jeju Island, announced a new initiative called the Blockchain Hub City Development Research Service in August.

To secure global competitiveness, Chang Byunggyu, head of the Presidential Committee on the 4th Industrial Revolution, told the audience at D.FINE that the committee’s upcoming recommendation will include the promotion of blockchain and institutionalization of crypto assets. He said, “Technological advances are so rapid that we need to be able to do a lot of experiments in the industry through the regulatory sandbox.”

Korea Blockchain Week ‘D.FINE’ the blockchain dream

Even more breakthroughs are happening in the private sector. Kim Joowan, VP and Head of Service Planning Group, Mobile Communications Business at Samsung Electronics, noted how blockchain is helping the tech giant build a “multi-chain open ecosystem.”

“We are trying to apply blockchain technology to Samsung Health as well as other services as much as possible,” he said. “It is a true multilateral open ecosystem where users can manage their personal information and identity.”

The D.FINE event—the first conference in Korea hosted by media conglomerates in the country—will run until October 1 at the Grand InterContinental Seoul Parnas. If you’re in the area, also check out the CoinGeek Seoul Conference happening at Le Meridien Hotel on October 1-2.

Mike Novogratz buys 7.5M additional shares of Galaxy Digital

Mike Novogratz buys 7.5M additional shares of Galaxy Digital

Mike Novogratz is showing confidence in his company, Galaxy Digital Holdings. The founder and CEO of the company has bought an additional 7.5 million ordinary shares for C$7.42 million (US$4.8 million).

Galaxy Digital is a cryptocurrency merchant bank that mostly has investments in Bitcoin Core (BTC) and Ether (ETH).

The announcement came from a Galaxy Digital press release on December 31, 2018. With this new investment, Novogratz increases his ownership of the company from 76.6 percent to 79.3 percent.

We last reported on Mr. Novogratz in June 2018, when he invested in AlphaPoint, a crypto exchange startup. Even then, when the cryptocurrency market was already in a downturn, the Galaxy Digital CEO saw positive indicators in job openings, the talent in the industry, and investment, which gave him confidence in his bet. The value of the market has not improved, but this re-investment shows Novogratz still has confidence in the fundamentals of cryptocurrency.

This comes despite Galaxy Digital showing big losses in 2018. In late November, the company reported their losses up until that point in the year amounted to $175.68 million. At that time, Novogratz was quoted as saying “Q1, Q2, if the institutions start coming in, [cryptocurrencies] will put in new highs.” We’re now in the new year, and this new investment comes at the same time Novogratz expected the market to start turning around.

Now that we are at the 10th anniversary of the Bitcoin genesis block, and Bitcoin has been reborn in the original vision of Satoshi as Bitcoin SV (BSV), we can expect there will be plenty of growth for the only coin that scales massively to meet business demands and public adoption.

BSV is the only coin that has reached 65MB blocks already, with bigger to come, and is specifically being built to be business friendly, and ready for mass adoption. If the market starts to turn around as Novogratz expects it to, it’s a safe bet that BSV will be a big winner as investors and users start to take notice.