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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

Inhoudsopgave

Cointelegraph

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