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.

Related: Why Biden’s exit from the elections briefly pushed Bitcoin price to $6

This is a developing story, and further information will be added as it becomes available.