Galaxy Digital Holdings, a leading cryptocurrency investment company, is to jump into the venture capital (VC) sector through a new fund.
The company through Galaxy Ventures Fund I which would be the initial fund, is looking to raise $100 million that would target the early-stage companies that are crypto.
This is the first time the venture arm has used other people’s capital for its investments, unlike the usual model which uses their capital to fund investments.
As per sources, the fund centers around financial applications, software infrastructure, and blockchain protocols within the crypto industry.
Their mission involves the allocation of up to 30 startups in the next three years with a minimum check size of $1 million per startup.
This news comes along with a recent significant increase in crypto VC activity. Other VC firms like Paradigm and Hack VC are also raising huge amounts to invest in companies with the potential to change the cryptocurrency scene.
The rise in VC activity is the token of the growing faith in cryptocurrency projects after the drop in VC investments in 2023.
The entry of Galaxy Digital into VC suggests that the crypto business is promising, as VC firms could be seeing high return potential in early-stage companies.
Related Stories:
Ripple Makes a Splash: Crypto Giants Dive into US Election Pool with $78 Million
Voyager Crypto’s Bankruptcy Filing Highlights Risks of Crypto Investing
2 Australians Charged in $5.5 Million Crypto Scam Case, $600K Ferrari Seized
NASA’s Cosmic Marvel: Hubble’s Capture of Virgo Galaxy Cluster, 52 million Light-Years Away
CFPB Explores Applying E-Banking Laws to Crypto: Protecting Consumers in the Digital Frontier
Misleading Crypto Ads: Instagram, TikTok, YouTube and Twitter Face EU Probe
Crypto Craze: A Guide to the Many Types of Digital Coins!
Why Should I Buy Crypto XRP?
