Galaxy Asset Management has raised $113 million for a new crypto venture fund aimed at supporting early-stage cryptocurrency startups. Billionaire Michael Novogratz’s new venture, Galaxy Ventures Fund I LP, will invest in cryptocurrency software, infrastructure, and financial applications.
The fund plans to initially invest in 30 companies and aims to reach its $150 million target by 2025. This financial boost could be crucial for emerging crypto startups and potentially help launch the next significant crypto protocol. Galaxy has previously invested in popular protocols like Ethena and Monad.
Galaxy: Blockchain will dominate global transaction settlements in a few decades
Galaxy, a leading institutional investor in the crypto space, holds a bullish long-term perspective. Mike Giampapa, a general partner at Galaxy, told Bloomberg that blockchain technology could be adopted for most of the world’s payment settlements in the future. “Our macro view is blockchains will be utilized to settle the majority of transactions… It’s a one-, two-decade transition that we are betting on,” he said. As part of this vision, Galaxy’s new fund will invest between $3 million to $5 million in each individual project.
