Important points:
- Galaxy Digital’s venture arm announces Galaxy Ventures Fund I, a new $100 million fund aimed at investing in early-stage cryptocurrency startups, moving from using only its own capital to attracting outside venture capital did.
- The fund is focused on a minimum investment of $1 million to support the growth of the digital asset ecosystem, with a $2.7 million investment in Citrea to integrate ZK Rollup and Bitcoin as its highlight. It is light.
- Cryptocurrency market capitalization hits an all-time peak of $3 trillion amid renewed interest in cryptocurrencies from venture capital, marked by increased funding and positive market impact from U.S. Spot Bitcoin ETF approval is approaching.
Galaxy Digital Venture Division We are currently laying the foundation for a new one $100 million fund Designed to invest in cryptocurrency startups.
The move puts Galaxy Digital in line with other venture capital firms. increasingly re-engaged with the cryptocurrency sector.
Michael Novogratz’s Galaxy Digital is in the early stages of raising new venture funding, with most of its $100 million goal expected to come from outside investors https://t.co/ogw4OdsLmJ
— Bloomberg Crypto (@crypto) April 3, 2024
called a fund Galaxy Ventures Fund Imarks a shift in strategy for Galaxy Ventures, which has traditionally invested its own capital in startups.
The company is now seeking additional funding from outside venture capitalists based on the insights it shared with Bloomberg on April 4.
One of the key strategies of this new fund is to make minimal investments. $ 1,000,000 In promising early stage companies.
Novogratz’s cryptocurrency company Galaxy Digital raises $100 million in new venture funding for crypto companies pic.twitter.com/LDrZu6n4sj
— Special Situations 🌐 Research Newsletter (Jay) (@SpecialSitsNews) April 3, 2024
This effort is part of Galaxy’s broader goals. stimulate growth within the digital asset ecosystem by supporting innovative startups.
Among Galaxy Ventures’ notable investments are: $2.7 million lead In Citrea’s funding round in February.
Citrea is a project dedicated to integration Zero Knowledge Rollup (ZK Rollup) We will introduce Galaxy’s efforts to support groundbreaking technological advances in the cryptocurrency field through collaboration with Bitcoin.
Galaxy Digital launches $100 million fund for early-stage crypto companies: report https://t.co/PxsuwJGenC
— The Block (@TheBlock__) April 3, 2024
Beyond this, Galaxy has actively raised funds and contributed to various projects. $75 million injection It invested in a fund managed by 1kx, a VC firm focused on crypto-based consumer applications.
The news comes at a time of growing venture capital interest in cryptocurrencies. reboundAfter last year’s market stagnation,
Cryptocurrency VC funding increased significantly in March. Raised $1.16 billion With 180 transactions, this is the highest monthly total since April 2022, according to RootData.
Other venture companies are also increasing their investment in virtual currencies, and Parra is $850 million fund,
Paradigm in talks to raise up to $850 million for new crypto fund: Report https://t.co/eOrBKR1xk1
— The Block (@TheBlock__) April 2, 2024
Hack VC assembly $150 million Dedicated by Andreessen Horowitz (a16z) to crypto startups $30 million Web3 was founded in a fund focused on gaming.
The resurgence of interest in venture capital coincides with the market’s positive reaction to the US approval. Spot Bitcoin Exchange Traded Fund (ETF) In January, this was the approximate contribution 50% increase Bitcoin price since the beginning of the year.
🚨 Just in: Galaxy Digital announces a $100 million fund for early-stage crypto startups, aiming to support up to 30 companies over three years.
— Satoshi Club (@esatoshiclub) April 3, 2024
As a result, the total market capitalization of cryptocurrencies is $1.7 trillion at the beginning of the year $2.61 trillionAs reported by CoinGecko, it is approaching its previous peak of $3 trillion.
About the author
An experienced Web3 and crypto content expert, Flemming Irunugba leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring audiences with insightful analysis on the future of cryptocurrencies, NFTs, and digital finance. I am.
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