Galaxy Digital, the crypto investment giant, seems to have established a new $100 million venture capital fund to invest in early-stage cryptocurrency companies.
The fund aims to invest in as many as 30 startups in the next three years, with checks starting from 1 million dollars.
Summary
Galaxy and the new $100 million venture capital fund to invest in crypto startups
According to what has emerged, it seems that the crypto investment giant, Galaxy Digital, is setting up a new $100 million venture capital fund to invest in crypto startups.
And indeed, the plan seems to be to collect this amount from investors in order to invest in cryptocurrency companies in their initial phase.
Specifically, the fund is called Galaxy Ventures Fund I, LP, and aims to invest in 30 startups in the next three years, with checks starting from 1 million dollars.
This should be the first time that the well-known investment giant decides that its venture capital team is also dedicated to cryptocurrencies.
Anyway, the selected startups will be in the financial applications, software infrastructure, and cryptocurrency-based protocols.
Galaxy is the new venture capital fund dedicated to crypto investments
What Galaxy Digital is starting is planning investments in crypto companies with external investor capital, through this crypto venture capital fund.
In fact, Galaxy Digital’s venture team has long invested in cryptocurrency companies, but only with their own money. Moreover, it seems that Galaxy has transferred this venture capital franchise into its wealth management business in 2023.
In this regard, Mike Wursthorn, communications manager at Galaxy, commented:
“We are excited to continue successfully investing in digital asset companies and blockchain infrastructure. For years we have invested our capital in these innovators. Now we are launching Galaxy Ventures Fund I LP to collaborate with external investors, allowing us to continue fueling the digital asset ecosystem by supporting promising early-stage initiatives”
For Galaxy, the new fund will continue the success of its proprietary investment on balance sheet, but through a direct institutional-level fund
Mike Novogratz among the richest crypto and Bitcoin billionaires in the world by 2024
The CEO of Galaxy Digital, Mike Novogratz, has been part of the new Forbes ranking: “Richest Crypto and Bitcoin Billionaires in the World 2024”.
Specifically, Novogratz, known for being an early investor in Bitcoin, holds the 13th position, with a net worth of 2.5 billion dollars. Novogratz owns a stake in Galaxy Digital worth about 2 billion dollars.
In this new ranking published by Forbes, there is also the debut of four Tether shareholders like Giancarlo Devasini, Paolo Ardoino, Jean-Louis van der Velde, and Stuart Hoegner.
