Galaxy Digital Initiates a $100M Fund for Early-Stage Crypto Startups

banner-image

 🦂 $SCORP Pre-Sale Is Almost Sold Out: Famous Casino Launches Token with Daily Staking Rewards - 6 Million Raised with 10,000 Participants! 🚀

Mike Novogratz’s Galaxy Digital, a prominent name in the crypto industry, is reportedly in the initial phases of raising a substantial $100 million venture fund aimed at supporting early-stage crypto startups. 

According to Bloomberg’s report on April 4, most of the capital for this fund is anticipated to originate from external investors.

As reported earlier by TheCoinRise, the cryptocurrency and blockchain industry reached a significant milestone in February, with total funding for projects surpassing $90 billion.

 🎲 Famous Casino Launches Token with Daily Staking Rewards - $6 Million Raised with 10,000 Participants! Pre-Sale is almost sold out 🚀

Galaxy Digital Opens Up a New Fund

Traditionally, Galaxy Ventures, the venture arm of Galaxy Digital, utilized company resources for investments. 

However, last year, it made the strategic decision to open up its new fund, Galaxy Ventures Fund I, to external venture capitalists. This shift in approach underscores a broader vision to foster innovation within the digital asset ecosystem.

Galaxy Digital to Invest $1M Minimum

Galaxy Digital has indicated that the minimum investment in startups through this fund will be $1 million. This sizable commitment underscores the firm’s confidence in supporting promising ventures within the crypto space.

 🦂 $SCORP Pre-Sale Is Almost Sold Out: Famous Casino Launches Token with Daily Staking Rewards - 6 Million Raised with 10,000 Participants! 🚀

Recent investments by Galaxy Ventures in crypto startups include leading a $2.7 million funding round in February for Citrea. Notably, Citrea is a project dedicated to introducing zero-knowledge rollups (ZK-rollups) to the Bitcoin network, highlighting Galaxy’s commitment to advancing blockchain technology.

Resurgence of Capital in the Crypto Space

Galaxy Digital has also been actively involved in contributing to other funds within the crypto landscape. Its recent contribution to a $75 million fund managed by VC firm 1kx targeting crypto-based consumer apps exemplifies its broader investment strategy.

The launch of Galaxy’s venture fund coincides with a resurgence of venture capital flowing into the crypto sector. March witnessed a significant uptick, with over $1.16 billion invested across 180 publicly announced deals, marking the highest monthly figure since April 2022.

Bitcoin’s Rally and Market Movement

This surge in venture capital activity mirrors the renewed interest in cryptocurrencies, fueled in part by the approval of United States spot Bitcoin exchange-traded funds (ETFs) in January.

Bitcoin’s rally, gaining approximately 50% year-to-date, has catalyzed a broader market surge, with the total crypto market capitalization now standing at $2.61 trillion, inching closer to its all-time high of $3 trillion.

Galaxy Digital’s move to establish a substantial venture fund underscores its commitment to nurturing innovation within the crypto sector. As the industry continues to evolve and attract increasing investment, initiatives like Galaxy’s are poised to play a pivotal role in shaping its future trajectory.

🎲 Famous Casino Launches Token with Daily Staking Rewards - $6 Million Raised with 10,000 Participants! Pre-Sale is almost sold out 🚀

April 13, 2024

Explore why BlastUP is set to redefine crypto expectations: Unveiling the..

April 13, 2024

Unlock significant returns: Experts highlight four cryptocurrencies predicted to deliver substantial..

April 13, 2024

Crypto trading platform KuCoin has issued a critical warning to its..

ads-image ads-image