A new venture fund worth $113 million has been raised by Galaxy Asset Management, the financial arm of Michael Novogratz’s cryptocurrency bank, Galaxy Digital. The fund will help cryptocurrency companies in their early stages. Crypto software, infrastructure, and banking apps are the key things that this fund will put its money into.
In a news release today, Galaxy Asset Management said that the new startup fund started raising money in the second quarter of 2024. The company got money from a mix of significant investors, family offices, and rich people. Galax Asset Management said they were sure they could get more money than the $150 million goal for the fund. They will keep trying to get money until next year.
“This fund will strengthen our commitment to fostering innovation in the digital asset space, enabling us to back visionary startups and gain unparalleled insights into the emerging technologies that will shape both our company and the future of finance.”
Galaxy Digital’s global head of asset management, Steve Kurz
Expanding Crypto Investment Trends
The new fund will put its money into companies that make it easy for banks, startups, and markets to join the growing on-chain environment and come up with new digital assets. Galaxy Asset Management wants to make about 30 investments in different parts of the cryptocurrency market to make their portfolio more varied.
It’s clear that Galaxy Asset Management’s move fits with a better trend of spending in crypto as the market gets better. There is more money and smart investments going into the cryptocurrency market, which shows that people are interested in it again and feel safer about it.
Galaxy is working on this, which is part of a general trend of crypto venture capital companies working on more. Pantera Capital is another major player in crypto investments. At the end of April, we began trying to raise more than $1 billion for a new fund that will only invest in blockchain assets. In June, Paradigm, a well-known crypto-focused venture capital firm, raised $850 million for its third fund. Crypto projects that are still in their early stages will get money from this fund.
It’s good for the future of online wealth that a lot of money is going into blockchain startup funds. People want to spend money on new tools and ways to do things as the blockchain world grows. Galaxy Asset Management wants to get ahead in the rising market for selling coins. Joining these groups will help them do that.
