According to Bloomberg, the Galaxy Ventures Fund I LP is set to build a portfolio of around 30 investments. The fund has already invested in projects such as Ethena, Monad, and Plume. The New York-based digital-asset firm aims to continue fundraising to reach a $150 million target by next year at the latest.

Galaxy Ventures has historically invested between $30 million and $50 million annually of its own capital into various crypto startups, focusing on infrastructure, decentralized finance, and payments. Last year, Galaxy decided to integrate the group into its asset management division and launch Galaxy Ventures Fund I, which is open to external investors.

General Partner Mike Giampapa stated in an interview, “Our macro view is that blockchains will be utilized to settle the majority of transactions. It’s a one- to two-decade transition that we are betting on.” The fund plans to invest between $3 million and $5 million per project, although the amount may vary, according to Will Nuelle, the other general partner for the fund.

The establishment of this fund signals a resurgence in venture-capital investments in the crypto sector, with companies like Galaxy Ventures leading the charge.