The post Galaxy Asset Management Raises $113M for New Crypto Venture Fund appeared first on Coinpedia Fintech News
Galaxy Asset Management, a leading global digital assets investment platform with more than $5.3 billion in assets under management, has successfully raised $113 million for a new crypto venture fund. According to the announcement, the new crypto venture fund dubbed Galaxy Ventures Fund 1 LP will invest in 30 web3 firms over the years.
The company will continue to raise more funds until it achieves the set target of around $150 by next year. According to Mike Giampapa, a general partner at Galaxy Asset Management, blockchain technology will play a crucial role in simplifying global payments.
“Our macro view is that blockchains will be utilized to settle the majority of transactions. It’s a one-, two-decade transition that we are betting on,” Giampapa noted.
Notably, the Galaxy Ventures Fund will invest between $3 million and $5 million in each of the selected projects.
Galaxy Spearheads Crypto Adoption
Amid the heightened demand for digital assets and web3 projects, Galaxy has remained at the forefront of building the necessary infrastructure to enable mass adoption. Some of the web3 projects that Galaxy has invested in include Celestial, Polygon, 1inch, Axelar, and Fireblocks, among many others.
The Galaxy team has also been at the forefront of Ethereum’s democratization through research and developments. For instance, amid the recent approval of spot Ethereum ETFs in the United States, Galaxy announced the launch of QETH, a spot ETP that invests directly in physical Ethereum.
We’re excited to announce the launch of QETH, a spot ETP that invests directly in physical Ethereum. This innovative product grants investors access to the Ethereum market, offering a differentiated and accessible way to participate in the innovative ether ecosystem.Press…
— Galaxy (@galaxyhq) July 23, 2024
Meanwhile, Galaxy is actively hiring more specialized people to help propel the crypto industry to the next level of mainstream adoption. Additionally, Galaxy recently acquired cryptomanuf, a blockchain node operator, to enhance its ability to provide technical and infrastructural support to key projects and deployments.
