TLDR:
- Galaaxy Digital plans to launch a $100 million crypto venture fund called Galaxy Ventures Fund I, LP.
- The fund will invest in 30 startups over the next three years, targeting firms building financial applications, software infrastructure, and crypto protocols.
Crypto investment firm Galaxy Digital is set to raise $100 million for a new venture fund named Galaxy Ventures Fund I, LP. The fund aims to invest in 30 early-stage crypto firms over the next three years, with a minimum investment of $1 million per startup. Galaxy has previously invested $200 million in over 100 crypto projects and merged its venture capital arm with its asset management business last year. The new fund will raise capital from outside investors and aims to continue the success of its proprietary balance sheet investing through an institutional-grade fund.
As venture funding in the crypto space has been increasing, Galaxy Digital is not alone in raising new funds. Other firms like Paradigm are looking to raise $750 million for a fund, marking a return of interest in the crypto industry after the recent “crypto-winter.” Total funding for crypto and blockchain companies surpassed $1.4 billion in March, the highest monthly level since September 2022. The world’s largest hedge funds are also showing increased interest in crypto, hinting at a growing acceptance and adoption of digital assets in traditional finance.
