Rally

United

Galaxy

Bitcoin

April

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.&nbsp;
According to Bloomberg’s<a href="https://www.bloomberg.com/news/articles/2024-04-03/novogratz-s-galaxy-digital-is-raising-a-100-million-venture-fund-glxy" rel="noopener noreferrer nofollow"> report</a> 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<a href="https://thecoinrise.com/crypto-projects-surge-past-90b-funding-milestone-report/" rel="noopener noreferrer nofollow"> surpassing $90 billion</a>.
<h2 id="span-style-font-weight-400-galaxy-digital-opens-up-a-new-fund-span">Galaxy Digital Opens Up a New Fund</h2>
Traditionally, Galaxy Ventures, the venture arm of Galaxy Digital, utilized company resources for investments.&nbsp;
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.
<h3 id="span-style-font-weight-400-galaxy-digital-to-invest-1m-minimum-span">Galaxy Digital to Invest $1M Minimum</h3>
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.
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.
<h2 id="span-style-font-weight-400-resurgence-of-capital-in-the-crypto-space-span">Resurgence of Capital in the Crypto Space</h2>
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.
<h3 id="span-style-font-weight-400-bitcoin-s-rally-and-market-movement-span">Bitcoin’s Rally and Market Movement</h3>
This surge in venture capital activity mirrors the renewed interest in cryptocurrencies, fueled in part by the <a href="https://thecoinrise.com/approval-of-us-bitcoin-etf-within-reach-galaxy-digital-ceo/" rel="noopener noreferrer nofollow">approval of United States spot Bitcoin exchange-traded funds (ETFs)</a> in January.
<a href="https://thecoinrise.com/bitcoin-price-correction-incoming-galaxy-digital-chief-executive/" rel="noopener noreferrer nofollow">Bitcoin’s rally, gaining approximately 50% year-to-date</a>, 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.
The post <a href="https://thecoinrise.com/galaxy-digital-initiates-a-100m-fund-for-early-stage-crypto-startups/" rel="noopener noreferrer nofollow">Galaxy Digital Initiates a $100M Fund for Early-Stage Crypto Startups</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

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

Table of Contents

TheCoinrise Media

Other articles published on Apr 4, 2024

Ripple CEO Brad Garlinghouse Reveals Reasons Behind Stablecoin Launch

KC Cattle Company Adopts Bitcoin As Primary Reserve Treasury Asset

Binance Announces the Altcoin It Chose for the 51st Launchpool Project! BNB Mobilized After the A...

Xterio to Launch Gaming-Oriented Blockchain in Collaboration with AltLayer, aiming for Wider Web3...

Jake The Dog Price Prediction: JAKE Plunges 45% As Investors Flock To The Doge20 ICO Amid A Buzz ...

Bitcoin Cash Halving Cuts Rewards to 3.125 BCH, Price Fluctuates

Join our free newsletter for daily crypto updates!