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Ventures Analyst

Galaxy Digital

This is a Full-time position in New York, NY posted November 19, 2021.

About Galaxy Digital

Galaxy Digital is a diversified financial services firm dedicated to the digital asset, cryptocurrency and blockchain technology industry.

As one of the most well-capitalized and trusted companies in the industry, Galaxy Digital is a publicly listed company on the TSX and operates five synergistic business lines: Trading (arbitrage, macro, market making/OTC), Asset Management (passive and active strategies, including venture capital), Principal Investing, Investment Banking Services (capital markets and M&A) and Mining (proprietary mining and mining finance).

Galaxy Digital’s CEO and Founder Michael Novogratz leads a team of institutional veterans focused on this high-growth, technology-driven space.

The company is headquartered in New York City, with offices in San Francisco, Tokyo, Hong Kong, London, Chicago, the Cayman Islands (registered office) and New Jersey.

About the role

As a Ventures Analyst, you’ll have the opportunity to explore multiple areas of crypto, depending on your interests and the team’s needs.

Crypto is a diverse and multidisciplinary field, and there are many ways to contribute.

The Analyst will gain exposure to numerous focus areas such as NFTs, DeFi, EVM / languages, Consensus, Governance, Mining, Staking, Web3, Mechanism Design, MEV.

Below are different personas that would fit the investment team here at Galaxy.

Each features different focus areas, and a sample research task that looks in a particular vertical of crypto from the view of different personas.

These are not exhaustive, but provide an idea of the range of interests and skills that fit our current team needs.

Persona Types

Our team members come from many backgrounds, from STEM to the social sciences.

Generally, they fall into particular personas that drive their work.

  • Analytics
    – understanding what is happening on-chain, creating metrics and models
  • Protocols
    – understanding how these applications work and their trade-offs
  • Governance
    – how to reach Schelling points
  • Smart Contract Developer
    – building applications on blockchains
  • Protocol Engineer
    – building blockchains, understanding consensus, networking, etc

Focus Areas of Crypto

Despite the nascent nature of crypto, there are numerous focus areas that you can specialize in.

Every day people realize the intersection of new fields with blockchain, such as generative art to network contagion, group dynamics to zero-knowledge proofs.

This list is not exhaustive.

  • NFTs
    – nonfungible tokens, aka digital collectibles
  • DeFi
    – financial applications on a blockchain
  • EVM / languages
    – what smart contracts are written in
  • Consensus
    – how blockchains run
  • Governance/coordination mechanisms
    – how to update decentralized applications
  • Mining / Staking
    – maintenance of a blockchain
  • Web3
    – applications of decentralized technology
  • Mechanism Design
    – how to ensure blockchains are incentive-compatible
  • MEV
    – Mining / Maximal extract value, e.g., front running, etc

Sample Research Task

As part of the interview process you’ll be asked to undertake a research task.

Below we have sample research tasks we’ve made, but we are open to candidates suggesting their own research task.

You’ll find the sample research tasks below—

NFT ETF products such as NFTx and NFT20 create baskets of NFTs that have an associated derivative token.

Mechanically: input an NFT and get one token out; input one token and get one random NFT out.

The trading price of the derivative token establishes a floor price for the NFTs.

But not all NFTs are worth the same.

Frequently there are more valuable NFTs in the pool, so the question is
– how can this surplus value be extracted?

  1. Analytics
    – determine the amount of excess value that exists in a particular NFT basket.

    If you were to model the value of each NFT, how many NFTs are above the floor price?

    How to evaluate the inventory risk of trying to arb the NFT?

  2. Protocol
    – determine which NFT ETF platform enables efficient arbitrage.

    Do some have functions that let users select specific NFTs from the basket when redeeming?

    If they don’t, is there still a way to probabilistically get what we want?

    Are there other platforms where we can execute this trade?

  3. Smart contract developer
    – understand how the randomness works when redeeming a token to get an NFT, are their ways we can game the randomness.

    Or have a wrapper contract call the redeem function but then revert() if the desired NFT is not received?

    What is the EV based on the percentage of desired assets and pool size, etc.

  4. Governance
    – stay on top of the NFT ETF governance proposals.

    Is governance making changes that will affect this arbitrage strategy?

    What are the impacts?

    What if we want to submit a proposal to enable more seamless arbitrage
    – who are the key players to talk to in the community, what is the process of getting proposals through?

Responsibilities

  • Cover a distinct area of the broader crypto ecosystem
  • Analyze networks, companies, and market trends
  • Produce internal and external materials on the basis of analysis
  • Cover portfolio companies and report to the rest of investment team
  • Work closely with other Galaxy teams in aspects of portfolio management

Required Qualifications

  • Have interacted onchain either through metamask or CLI
  • Excellent organizational and time management skills
  • Excellent verbal and written communication skills
  • High degree of discretion and confidentiality
  • A strong interest in being fully immersed in Crypto/web3

Preferred Qualifications

  • Willingness to learn
  • Naturally curious
  • Independent thinker and self-helper

The above statements are intended to describe the general nature and level of work being performed by people assigned to this classification.

They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.

Galaxy Digital seeks to provide equal employment opportunities to all employees and job applicants for employment without regard to age, race, color, creed, religion, gender (including gender identity or pregnancy), sexual orientation, marital status, ancestry, national origin, citizenship, disability, military or veteran status, genetic information or predisposing genetic characteristic, status as a victim of domestic violence, sexual violence or stalking, arrest or conviction record, his or her sexual and other reproductive health decisions, or other protected status.

This policy applies to all terms and conditions of employment.