According to CoinDesk, Galaxy Digital, a prominent player in the crypto investment space, is reportedly planning to establish a $100 million fund. This fund will be dedicated to investing in early-stage crypto companies. The move comes after Galaxy integrated its venture capital franchise into its asset management business in 2023. The fund, named Galaxy Ventures Fund I, LP, aims to invest in up to 30 startups over the next three years, with initial investments starting at $1 million.
The fund will primarily focus on financial applications, software infrastructure, and protocols in the crypto space. Galaxy Digital has a strong track record in crypto investments, having invested $200 million in over 100 projects in the past six years. While Galaxy's Interactive division has previously accepted outside capital, this will be a first for the venture team. The new fund is expected to extend the success of Galaxy's proprietary balance sheet investing through a direct, institutional-grade fund.
Please note that an earlier version of this article incorrectly stated that Galaxy had not previously accepted outside capital. The company has indeed accepted outside capital through its Interactive division.