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Novogratz's 'Crypto-Bank' Is Backing Everipedia's Blockchain Pivot
Galaxy Digital, the crypto-asset merchant bank launched by former fund manager Mike Novogratz, has made its first major investment.
By Nikhilesh De
Updated Sep 13, 2021, 7:33 a.m. Published Feb 8, 2018, 6:00 p.m.
Galaxy Digital, the crypto-asset merchant bank launched by former fund manager Mike Novogratz, has made its first major investment.
Everipedia, the decentralized offshoot of Wikipedia, announced Thursday that it had secured $30 million through an equity sale led by Galaxy Digital’s EOS.io Ecosystem Fund. The funding round was restricted to strategic investors, according to statements.
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The startup plans to use the proceeds from the round to launch its peer-to-peer network, led in part by chief information officer and Wikipedia co-founder Larry Sanger.
Everipedia announced last year that it was moving to the EOS.io blockchain, with its newly-envisioned infrastructure being built on top of that network.
The company now hopes to develop a censorship-proof system using smart contracts which record contributions while using a cryptocurrency token to reward contributors.
Sanger said in a new statement:
"In the era of fake news and a general distrust in central entities like governments, corporations and the media the world stands to benefit enormously from a decentralized and uncensorable knowledge base."
Galaxy Digital was announced and launched last month by Novogratz, who sees it as a full-service bank for digital assets. The company was set to launch a hedge fund supporting crypto-projects, but the move was reportedly canceled late last year.
Books image via Shutterstock
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