TLDR:
- Galaxy Asset Management raised $113 million for a new crypto venture fund
- The fund aims to invest in early-stage crypto startups focusing on software, infrastructure, and financial applications
Galaxy Asset Management has raised $113 million for a new crypto venture fund, Galaxy Ventures Fund I LP. The fund, led by billionaire Michael Novogratz, will focus on investing in early-stage cryptocurrency startups that are building new use cases, with a particular focus on cryptocurrency software, infrastructure, and financial applications. The goal is to initially invest in 30 companies and continue raising funds until it reaches the $150 million target, expected to happen by 2025. This significant capital injection could provide a financial lifeline for crypto startups and help new protocols emerge in the industry. Galaxy, known as one of the most prominent institutional investors in the crypto space, has a bullish long-term view on blockchain technology, predicting that it will be used for the majority of global transaction settlements in the future.
After a period where VC interest was primarily directed toward AI startups, there is renewed interest in the cryptocurrency space. Paradigm recently raised $850 million for its third fund, focusing on early-stage crypto and blockchain startups. Additionally, VC firm Pantera Capital is seeking over $1 billion for a new fund that will offer exposure to a “full spectrum” of blockchain assets and is set to launch in April 2025. This shift in VC interest signals a potential renaissance for crypto investments and signifies growing confidence in the future of blockchain technology.
