Galaxy

Bitcoin

Ethena

Galaxy Asset Management raised $113 million for a new crypto venture fund that could bring significant new capital for cryptocurrency startups building new use cases.
Billionaire Michael Novogratz’s new venture will invest in early-stage crypto startups, mainly focused on cryptocurrency software, infrastructure and financial applications.
The new fund, called Galaxy Ventures Fund I LP, aims to initially invest in 30 companies and will continue raising funds until it reaches the $150 million target, which is expected to happen by 2025 at the latest, <a href="https://www.bloomberg.com/news/articles/2024-07-25/michael-novogratz-s-galaxy-raises-113-million-for-a-new-crypto-venture-fund?sref=IIP4JEyu" target="_blank" rel="noopener nofollow">according</a> to a statement shared with Bloomberg.
The $113 million could mean a significant financial lifeline for cryptocurrency startups and help the next big crypto protocol emerge.
Galaxy has previously invested in popular protocols like Ethena and Monad.
Related: <a href="https://cointelegraph.com/news/biden-exit-bitcoin-price-surge-68k">Why Biden’s exit from the elections briefly pushed Bitcoin price to $6</a>
<h2 data-ct-non-breakable="true" id="blockchain-will-be-used-for-most-of-global-transaction-settlement-in-a-few-decades-galaxy">Blockchain will be used for most of global transaction settlement in a few decades — Galaxy</h2>
Galaxy is one of the most prominent institutional investors in the crypto space, with a bullish long-term view.
Blockchain technology could be adopted for the majority of the world’s payment settlements in the future, according to Mike Giampapa, a general partner at Galaxy, who told Bloomberg:
<blockquote data-ct-non-breakable="true">
 “Our macro view is blockchains will be utilized to settle the majority of transactions… It’s a one-, two-decade transition that we are betting on.”
</blockquote>
As part of Galaxy’s bet on the future of blockchain, the new fund will invest between $3 million to $5 million on each individual project.<iframe width="100%" height="315" src="https://www.youtube.com/embed/gHXtaccylf0" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen data-ct-non-breakable="true"></iframe>
<figcaption style="text-align: center;">
 Vitalik Buterin, Mike Novogratz, Tom Lee | The Future of Blockchain. Source: Cointelegraph
</figcaption>
Related: <a href="https://cointelegraph.com/news/crypto-holders-triple-2026-lunu-ceo">Crypto holders predicted to triple by 2026, says Lunu CEO</a>
<h3 id="vc-interest-is-returning-to-the-crypto-space">VC interest is returning to the crypto space</h3>
After <a href="https://cointelegraph.com/news/a-brief-history-of-artificial-intelligence">artificial intelligence (AI)</a> startups <a href="https://cointelegraph.com/news/vc-roundup-blockchain-ai-startups-investors-attention">absorbed most of the venture capitalist </a>(VC) interest for the past few months, VC interest in cryptocurrency is starting to recover.
In a positive sign of returning VC interest, <a href="https://cointelegraph.com/news/paradigm-raises-850-million-third-crypto-fund">Paradigm raised $850 million</a> for its third fund that will invest in early-stage crypto and blockchain startups, the VC firm announced on June 13.
Paradigm <a href="https://cointelegraph.com/news/paradigm-seeks-850-millon-for-crypto-fund">is an investor in several</a> notable crypto companies, including Coinbase, Fireblocks, Blast, Optimism, Uniswap, MakerDAO, Chainalysis, MoonPay, Gitcoin and Friend.tech, to name a few. The firm also <a href="https://cointelegraph.com/news/paradigm-co-founder-feels-deep-regret-investing-in-sbf-and-ftx">invested $278 million</a> in the now-collapsed crypto exchange FTX. In November 2022, it wrote down its investment to zero.
VC firm Pantera Capital is also <a href="https://cointelegraph.com/news/pantera-capital-seeks-one-billion-raise-for-new-crypto-fund">seeking more than $1 billion</a> for a new fund that would offer exposure to a “full spectrum” of blockchain assets. The fund is scheduled for launch in April 2025.
Magazine: <a href="https://cointelegraph.com/magazine/pudgy-penguins-pixelverse-ether-etfs-price-impact-hodlers-digest-july-14-20/">Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14-20</a>

Galaxy Asset Management raises $113M for new crypto venture

Indice dei contenuti

Cointelegraph

Altri articoli pubblicati su 25 lug 2024

Bitcoin Breakthrough: First Zero-Knowledge Proof Verified on Mainnet

China’s JD Leads Initiative to Issue HK Dollar Stablecoin on Blockchain

Is Bitcoin Still the Most Commonly Exploited Cryptocurrency by Criminals?

Crypto bank Sygnum posts profit after doubling crypto trading volumes

Maker Looks Bullish: Can MKR Price Break $3000 this Month?

These Altcoins Are Like Buying Solana at $0.22

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!