Galaxy

Bitcoin

Ethena

Status

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/galaxy-raises-113m-for-crypto-venture" data-wpel-link="internal">Galaxy Raises $113M for Crypto Venture</a><br></p>
<p style="text-align: justify">At the start of 2023, the cryptocurrency market hit a low, but it began to stabilize and by March 2024, <a href="https://en.bitcoinhaber.net/bitcoin-soars-beyond-previous-peak-threatening-short-sellers-with-massive-liquidations" data-wpel-link="internal">Bitcoin</a> reached its all-time high (ATH). Despite subsequent price drops, <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">significant developments</a> continued. Recently, Galaxy Asset Management announced a substantial capital raise.</p> 
<h2 id="what-did-galaxy-announce">What Did Galaxy Announce?</h2> 
<p style="text-align: justify">Galaxy Asset Management, led by billionaire Michael Novogratz, unveiled that it raised $113 million for a new crypto initiative. This venture will focus on early-stage cryptocurrency projects, targeting areas such as software, infrastructure, and financial applications. Bloomberg reported that the new fund, named Galaxy Ventures Fund I LP, aims to invest in 30 companies initially, with plans to raise $150 million by the end of 2025.</p> 
<p style="text-align: justify">The $113 million funding milestone is a significant indicator for the institutional involvement in the crypto sector, potentially paving the way for a major new crypto protocol. Galaxy has previously invested in notable projects like Ethena and Monad, aligning with its long-term investment strategy in blockchain technology.</p> 
<h2 id="why-is-blockchain-crucial">Why is Blockchain Crucial?</h2> 
<p style="text-align: justify">According to Mike Giampapa, a general partner at Galaxy, blockchain technology is poised to play a vital role in the future of global payment systems. Giampapa stated that the firm’s long-term view suggests a transition period of one to two decades during which blockchain will become integral to most transactions. As part of this vision, Galaxy’s new fund will allocate between $3 million and $5 million to each project.</p> 
<h2 id="key-inferences-from-galaxy-s-move">Key Inferences from Galaxy’s Move</h2> 
<p style="text-align: justify"><b>Strategic Insights</b></p> 
<p style="text-align: justify">– Galaxy’s significant funding round indicates robust institutional confidence in the future of cryptocurrency.<br> – Early-stage <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investments</a> in crypto infrastructure and financial applications demonstrate a strategic focus on underlying technologies.<br> – The planned $150 million fund target by 2025 suggests a long-term commitment to blockchain innovation and development.</p> 
<h2 id="bitcoin-s-market-status">Bitcoin’s Market Status</h2> 
<p style="text-align: justify">During these developments, Bitcoin’s price has also been under scrutiny. Currently, Bitcoin is trading at $64,100, reflecting a 3.4% decline over the last 24 hours. The market capitalization of Bitcoin has dropped below $1.3 trillion, settling at $1.265 trillion, while the trading volume has decreased by 12.9% to $35.1 billion. This market fluctuation underscores the ongoing volatility within the cryptocurrency space.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/galaxy-raises-113m-for-crypto-venture" data-wpel-link="internal">Galaxy Raises $113M for Crypto Venture</a></h5>

Galaxy Raises $113M for Crypto Venture

Table of Contents

BH NEWS

Other articles published on Jul 25, 2024

Floki Announces Valhalla Sponsorship for India’s Tour of Sri Lanka, Targeting 220M Viewers

Hashdex Files S-1 for Combined Bitcoin and Ether ETF – XRP and SOL Could Be Added Soon

It's Over: Ethereum ETFs Disappoint Community with Massive Outflows

COTI Price Rises 15%, After Israel CBDC Partnership, 2x Rally Incoming?

Crypto: The Market Shaken by Significant Liquidations

Ethereum Falls More Than 7% In 24 hours

Join our free newsletter for daily crypto updates!