In a bid to strengthen its fiat-crypto lending capabilities, Drawbridge Lending (DBL), a top Digital asset lender has announced it has gotten financial support from Galaxy Digital, a cryptocurrency investment bank owned by crypto enthusiast Mike Novogratz,
According to a press release by Drawbridge Lender today, the funds received from Galaxy Digital will enable both companies to jointly create a structured funding vehicle dubbed “SPV,” against firms whose cryptos are held institutionally.
Commenting on the achievement, the CEO and founder of Galaxy Digital, Michael Novogratz wrote,
As we look to the future, we recognize the benefit of aligning ourselves with smart and innovative strategic partners who know how to effectively execute in the institutional space. The team at DBL fits the bill in this regard.
He added that despite the acceptance digital assets have received over the years, it still feels like the industry is in its beginning stage.
“The institutionalization of digital assets is still relatively nascent despite increasing momentum and interest from a number of respected firms and industry players,” Novogratz said.
The SPV will not only be made available for only fiat lenders but also it will help add more value to the global crypto space, especially in crypto-fiat financing solutions.
Additionally, the SPV will help investors restructure the traditional method of getting funds that they are used to, and replace it with a modern approach, which would help them get better results from their institutionally held cryptos.
DrawBridge Lender is a licensed digital assets lender in the U.S. Since its inception. The firm has provided commercial loans in 49 U.S. states, including Washington. DBL is also a registered commodity pool operator and commodity trading advisor with the national futures association.
DBL reportedly promises institutional financial flexibility for clients who choose to patronize them in the long run, and also create an avenue for them to earn a profit on an after-tax basis.