Galaxy Digital Is Keen on European Expansion As The Firm Hires First Regional Head
Digital asset services firm, Galaxy Digital seeks an international expansion to Europe with the addition of a regional chief.
Mike Novogratz's crypto firm has hired Leon Marshall, the company’s former head of sales as its first-ever European Chief Executive, setting the tone for a possible expansion.
Marshall, who has been with Galaxy Digital and previously worked with crypto broker Genesis is tasked with building a regional operation in Europe as the firm sets sights on expanding all five arms.
The need for expansion comes amid the bearish outlook in the digital asset market forcing executives to think for themselves as they hope to survive through the winter.
Marshall has stated the progress marked in Europe in terms of regulation is a main factor in the firm’s decision to set up shop in the continent.
According to Mike Novogratz, the decision is part of the plan to open up new opportunities globally.
“to aggressively scale our operations in the U.K. and Europe - a region that has committed to embracing the digital asset future and creating the necessary regulatory frameworks for our industry to operate within," he added.
Last month, Galaxy posted narrow Q2 losses of $46 million, a significant drop from the previous year's $555 million. Notably the firm records an uptick in trading revenues at $59.5 million with a surging asset management arm soaring over 619%.
Despite mining woes, its mining division posted increasing revenues of $15.4 million, 51% higher than the previous quarter. As the firm recovers from the horrors of 2022, a firm foot globally will quicken its rise to the top.
This year, several crypto executives have hailed Europe as the go-to destination after the region passed the landmark Markets in Crypto Asset
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