United

Prime

Galaxy

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125358/331093/20d9c4f96d-media-library-.jpg" srcset="https://cimg.co/news/125358/331093/responsive-images/20d9c4f96d-media-library-___media_library_original_720_480.jpg 720w, https://cimg.co/news/125358/331093/responsive-images/20d9c4f96d-media-library-___media_library_original_600_400.jpg 600w, https://cimg.co/news/125358/331093/responsive-images/20d9c4f96d-media-library-___media_library_original_300_200.jpg 300w" width="720" class="content-img" alt=""><figcaption>Mike Novogratz. Source: a YouTube video screenshot.</figcaption></figure>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&rsquo;s former head of sales as its first-ever European Chief Executive, setting the tone for a possible expansion.&nbsp;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.&nbsp;The need for expansion comes amid the <a href="https://cryptonews.com/news/crypto-infrastructure-provider-qredo-slashes-staff-cuts-annual-expenses-by-35-bear-market-continues.htm">bearish outlook</a> 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 <a href="https://cryptonews.com/news/billionaire-ceo-of-galaxy-digital-announces-overseas-move-cites-similar-moves-by-other-firms.htm">regulation is a main factor</a> in the firm&rsquo;s decision to set up shop in the continent.&nbsp;According to Mike Novogratz, the decision is part of the plan to open up new opportunities globally.&ldquo;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.&nbsp;Last month, Galaxy <a href="https://cryptonews.com/news/galaxy-digital-narrows-losses-46-million-maintains-strong-liquidity-position-at-696-million-q-2023.htm">posted narrow Q2 losses</a> of $46 million, a significant drop from the previous year's&nbsp; $555 million. Notably the firm records an uptick in trading revenues at $59.5 million with a surging asset management arm soaring over 619%.<figure class="media"><oembed url="https://twitter.com/cryptonews/status/1689347131423793152?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>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.<h2 id="europe-every-crypto-executives-dream">Europe: Every crypto executive&rsquo;s dream&nbsp;</h2>This year, several crypto executives have hailed Europe as the go-to destination after the region passed the landmark Markets in Crypto Asset (<a href="https://cryptonews.com/news/markets-in-crypto-assets-mica-framework-signed-into-law-by-eu-officials.htm">MiCA</a>) regulation.&nbsp;Europe and the UK have taken steps towards some form of regulation clarity with Prime Minister Rishi Sunak on course to make the country a web3-friendly hub.&nbsp;On the other hand, the United States market is plagued with regulatory inconsistencies with both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) continuing with bottleneck<a href="https://cryptonews.com/news/breaking-coinbase-sued-by-sec-just-day-after-binance-lawsuit-which-firm-next.htm"> enforcement and rule-making by courts.&nbsp;</a>Speaking with the Financial Times, Marshall stressed that MiCA is the game changer for growing European demand.&nbsp;<blockquote>&ldquo;The European market demand that we&rsquo;re seeing, combined with the regulatory framework established by Mica, is robust. That makes Europe a desirable destination for crypto firms to build and grow.&rdquo;</blockquote>This month, Coinbase also <a href="https://cryptonews.com/news/coinbase-pushes-toward-global-expansion-sets-sights-regulated-markets.htm">announced international expansion plans</a> flagging regions like Europe, Brazil, Hong Kong, and the UK as &ldquo;near-term priorities.&rdquo;&nbsp;Reasons cited border on clear rules or efforts to remove barriers in the market to protect all parties.
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Galaxy Digital Is Keen on European Expansion As The Firm Hires First Regional Head

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Cryptonews.com

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