1 year ago
Galaxy Digital, 1 of the largest crypto fiscal services firms connected the market, released its financial results for the 3rd 4th of the year.
The study revealed that the institution has an vulnerability of astir $76.8 cardinal successful currency and cryptocurrencies to FTX. Out of the $76.8 million, $47.5 cardinal is presently “in the withdrawal process,” the institution said successful the report.
No further accusation was revealed astir the remaining $29.3 million. It is besides unclear however agelong the withdrawal process volition instrumentality and whether the institution volition beryllium capable to implicit it.
The institution saw a nett broad nonaccomplishment of $68.1 cardinal successful the 3rd quarter, compared to the $517.9 cardinal summation it saw successful the 3rd 4th of past year. However, the full superior of Galaxy Digital Holdings stood astatine $1.8 cardinal astatine the extremity of the quarter.
Michael Novogratz, the laminitis and CEO of Galaxy Digital, said that the company’s reserves marque it well-positioned to instrumentality connected immoderate upcoming volatility.
“Retaining $1.5 billion in liquidity, including over $1.0 billion in cash, the Company continues to beryllium successful a presumption of spot for some integrated and inorganic growth, arsenic we absorption connected gathering for the future.”
However, earlier this month, sources adjacent to Galaxy Digital revealed that the institution plans to chopped astatine slightest 20% of its planetary workforce successful the coming weeks. While Galaxy Digital didn’t corroborate oregon contradict the rumors, a spokesperson noted that the institution was “always considering optimal squad operation and strategy.”
If true, Galaxy Digital volition beryllium joining a slew of different crypto manufacture giants which person been laying disconnected unit passim the year. The marketplace slump successful June took distant thousands of jobs successful the industry, with immoderate estimates showing that the fig could beryllium implicit 13,000.
The wide layoffs came manus successful manus with a crisp driblet successful banal price, with astir each nationalist companies experiencing important losses. Galaxy Digital saw its banal drop implicit 88% from its precocious past November.
The station Galaxy Digital reports $76.8M vulnerability to FTX appeared archetypal connected CryptoSlate.
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