The DeFi movement has been growing in popularity amidst the global crisis we’ve been living in this year.
Mike Novogratz supports DeFi
Now, according to the latest reports, it seems that billionaire and former hedge fund manager Mike Novogratz just hopped on the DeFi bandwagon with his latest investment.
The CEO of crypto investment company Galaxy Digital just became a minor shareholder in the blockchain and DeFi-focused asset management firm ParaFi Capital.
It’s been also reported by the online publication the Daily Hodl that Galaxy Digital joined investment firm Bain Capital Ventures and Henry Kravis of private equity giant KKR as ParaFi investors.
ParaFi stated that this partnership would result in benefits for companies, and galaxy Digital will be able to leverage the company’s expertise to find opportunities in the nascent DeFi space.
Christopher Ferraro, Galaxy Digital president, stated the following:
“Together with Galaxy’s sector expertise and unique insight into DeFi token liquidity and markets through our trading desk, we believe our partnership will be well-positioned to identify which applications and teams have the potential for exponential growth in DeFi.”
Ben Forman, founder and managing partner of ParaFi capital, had this to say:
“Programmable finance is a ‘zero to one’ innovation enabled by blockchain, and DeFi represents the nascent architecture for a new, open financial network… As DeFi approaches an inflection point, we look forward to partnering closely with the Galaxy team.”
DeFi rides the wave of success
In other recent news, it’s been just revealed that the total value locked in decentralized finance (DeFi) has annihilated $11 billion, according to DeFi analytics platform DeFi Pulse, says the online publication the Daily Hodl.
The DeFi platform illustrates the red-hot streak of the total value locked (TVL) across decentralized finance protocols this year.
Check out more info in a previous article that we posted.