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Prosper planet pulse
Home»Startups»Galaxy Digital backs cryptocurrencies with $100 million in funding
Startups

Galaxy Digital backs cryptocurrencies with $100 million in funding

prosperplanetpulse.comBy prosperplanetpulse.comApril 4, 2024No Comments3 Mins Read0 Views
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Galaxy Digital, a leader in the crypto space, is expanding its investment reach with a recently announced $100 million fund. The venture aims to empower promising early-stage crypto startups.

The move builds on Galaxy’s existing involvement in the crypto ecosystem, which has previously relied on internal capital for corporate investments.

Galaxy Digital’s Latest Fund Driving Cryptocurrency Ecosystem Growth

The fund, known as Galaxy Ventures Fund I, LP, plans to back up to 30 startups over the next three years. Investments start at $1 million and focus on financial applications, software infrastructure, and cryptographic protocols.

Galaxy Digital has a strong history of investing in cryptocurrency companies, claiming to have invested $200 million in over 100 projects over the past six years. However, this fund marks a shift in the venture team and will involve outside investors for the first time. The company aims to replicate the success of balance sheet investing through institutional funds.

Read more: How to fund innovation: Web3 grants guide

“For years, we have committed our own funds to supporting these innovators. We are now launching Galaxy Ventures Fund I LP to partner with external investors and are investing in promising early stage investments. By supporting companies at this stage, we can continue to strengthen the digital asset ecosystem,” the company said in a statement.

Galaxy Digital’s ambitious fund launch highlights renewed interest within the venture capital sector. Earlier this year, Marc Andreessen, Accolade Partners and Galaxy Digital collaborated on his $75 million fund with 1kx Network. Paradigm, meanwhile, is reportedly raising between $750 million and $850 million, while Hack VC is aiming to raise at least $100 million.

This resurgence is in line with research findings published by Galaxy Digital itself in January 2024. The company’s report outlines how venture funding strategies correlate with the growing demand for cryptocurrencies.

As valuations fall, interest from institutional investors tends to wane, creating challenges for raising funds for crypto ventures. This was evident throughout 2023, when passive investment products dominated the market.

Percentage of global VC transactions in blockchain or virtual currency by stage
Percentage of global VC transactions in blockchain or cryptocurrencies by stage.Source: Galaxy Digital

Additionally, Galaxy Digital’s report also sheds light on the importance of the new fund. Globally, cryptocurrency/blockchain-focused venture capital firms secured just $5.75 billion in funding in 2023, a significant drop from 2022’s record $37.7 billion.

Read more: Crypto hedge funds: What are they and how do they work?

The company’s research highlighted that although venture funding in the crypto space was not a major vehicle until 2021, the sector is still progressing compared to pre-2021 levels. The report predicts that crypto venture capital could regain momentum in 2024 if crypto-native investors choose to reinvest.

Disclaimer

In accordance with Trust Project guidelines, BeInCrypto is committed to fair and transparent reporting. This news article is intended to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to independently verify their facts and consult a professional. Please note that our Terms of Use, Privacy Policy and Disclaimer have been updated.



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