Galaxy Asset Management has raised $113 million for a new crypto venture fund, aiming to inject significant new capital into cryptocurrency startups developing innovative use cases.
Billionaire Michael Novogratz’s venture will focus on investing in early-stage crypto startups, particularly those working on cryptocurrency software, infrastructure, and financial applications.
The new fund, named Galaxy Ventures Fund I LP, plans to initially invest in 30 companies and aims to reach its $150 million target by 2025, according to a statement shared with Bloomberg.
This $113 million could provide a vital financial boost for cryptocurrency startups and help foster the development of the next big crypto protocol.
Galaxy has previously invested in popular protocols like Ethena and Monad, highlighting its commitment to supporting promising projects in the crypto space.
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