Galaxy Asset Management raised $113 million for a new crypto venture fund, that could bring significant new capital for cryptocurrency startups building new use cases.
Billionaire Michael Novogratz’s new venture will be investing in early-stage crypto startups, mainly focused on cryptocurrency software, infrastructure, and financial applications.
The new fund, called Galaxy Ventures Fund I LP, aims to initially invest in 30 companies and will continue raising funds until it reaches the $150 million target, which is expected to happen by 2025 at the latest, according to a statement shared with Bloomberg.
The $113 million could mean a significant financial lifeline for cryptocurrency startups and help the next big crypto protocol emerge.
Galaxy has previously invested in popular protocols like Ethena and Monad.
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This is a developing story, and further information will be added as it becomes available.
