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Billionaire Michael Novogratz's Galaxy Asset Management has successfully raised $113 million for a new venture fund focused on early-stage startups in the crypto sector.
<h2 id="michael-novogratz-s-galaxy-raises-113-million-for-new-crypto-venture-fund">Michael Novogratz's Galaxy Raises $113 Million for New Crypto Venture Fund</h2>
Galaxy Ventures Fund I LP aims to build a portfolio of approximately 30 investments in crypto software, infrastructure and financial applications.
The fund has previously invested in projects such as Ethena, Monad and Plume. Galaxy Digital Holdings, headquartered in New York, announced Thursday that it plans to continue its fundraising efforts to reach a $150 million goal next year.
Galaxy Ventures has historically invested between $30 million and $50 million annually in various crypto startups.
These investments focused on infrastructure, decentralized finance and payment solutions. Last year, Galaxy moved its venture group into its asset management division and launched Galaxy Ventures Fund I, which is open to outside investors.
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“Our macro view is that blockchains will be used to process the majority of transactions,” said General Partner Mike Giampapa. “This is a one- or two-decade transition period that we are betting on.” The fund plans to invest between $3 million and $5 million per project, according to General Partner Will Nuelle, although the amount may vary.
The establishment of Galaxy Ventures Fund I underscores the resurgence in venture capital investment into the crypto space.
Firms such as Pantera Capital and Paradigm are also creating new funds amid rising crypto prices and increased investor enthusiasm. Bitcoin hit an all-time high in March, and the prospect of a more favorable regulatory environment in the US is contributing to growth.
This new venture fund from Galaxy Digital is poised to capitalize on expanding opportunities in the crypto industry, aiming to support innovative projects and drive the next wave of blockchain adoption.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/billionaire-michael-novogratzs-company-raises-113-million-for-a-new-crypto-venture-fund/" rel="noopener noreferrer nofollow">Billionaire Michael Novogratz's Company Raises $113 Million for a New Crypto Venture Fund!</a>

Billionaire Michael Novogratz's Company Raises $113 Million for a New Crypto Venture Fund!

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