Galaxy Asset Management has raised $113 million for a new cryptocurrency venture fund.
The new venture by billionaire Michael Novogratz will invest in early-stage #cryptocurrency startups, primarily in cryptocurrency software, infrastructure and financial applications.
The new fund, dubbed Galaxy Ventures Fund I LP, will initially invest in 30 companies and will continue to raise funds until it reaches its goal of $150 million by 2025 at the latest, according to a statement from Bloomberg.
The $113 million provides significant financial backing to cryptocurrency startups and could be the next big crypto protocol. Galaxy has previously invested in popular protocols such as Ethena and Monad. Galaxy is one of the most prominent institutional investors in the cryptocurrency sector and has a long-term bullish view on the #blockchain sector.
Galaxy General Partner Mike Giampapa told Bloomberg that #blockchain technology could be used for most global payments in the
macroeconomic view is that blockchain will be used to settle most transactions. Our macroeconomic view is that blockchain will be used to settle most transactions.
As part of Galaxy's bet on the future of blockchain, the new fund will invest $3 million to $5 million to $ 5 million in select projects.
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