Crypto Investment Giant Galaxy Digital Introduces $100M Fund Initiative

Galaxy Digital, a renowned player in cryptocurrency venture capital, is in discussions to launch its inaugural cooperative crypto investment fund. 

The fund, dubbed Galaxy Ventures Fund I, LP, aims to support early-stage crypto projects by raising and allocating $100 million to 30 startups over the next three years.

This move signifies a significant shift in Galaxy Digital’s investment strategy, marking its first foray into co-investing customer funds alongside external partners. With a focus on financial applications, software infrastructure, and crypto protocols, the fund seeks to foster innovation and growth within the crypto sector. Mike Wursthorn, Galaxy Digital’s communications chief, highlighted the fund’s importance in nurturing promising ventures within the digital asset ecosystem. This initiative complements Galaxy Digital’s ongoing commitment to fueling innovation and backing pioneering projects in the crypto space.

Additionally, Galaxy Digital continues to pursue individual crypto investments, exemplified by its recent undisclosed investment in a $75 million crypto fund managed by 1kx. This strategic move aligns with broader industry trends, showcasing a resurgence in crypto investing among venture capital firms like Paradigm, who are also ramping up efforts in the crypto investment landscape.

Clever Robot News Desk 6^th April 2024