Galaxy Secures $175M In New Funding for Crypto Firms

Galaxy Asset Management, a crypto investment and research firm, has successfully raised $175 million for its Galaxy Ventures Fund I (GVF I). According to a post on X , this fund will support early-stage blockchain and crypto startups, showing that more institutions are interested in Web3 innovation. Galaxy New Fund to Support Innovative Projects It is worth noting that the firm has not revealed the names of its backers. However, the funding came from a mix of corporate investors, strategic partners, family offices, and other sources. With the fund, GVF I plans to invest in about 30 startups over the next 18 to 24 months. The fund will focus on promising projects in key areas of the digital asset ecosystem, such as stablecoins, decentralized finance (DeFi) protocols, payment systems, and development tools. This diverse approach shows Galaxy’s commitment to supporting essential technologies that can help drive the next wave of crypto adoption. GVF I has also set aside money for future support to its portfolio companies during their fundraising rounds. With GVF I, Galaxy is using its strong network and skills to help innovative founders and developers in the field. Galaxy Raises $113M for its Venture Fund I LP Recall that the Michael Novogratz-led firm also raised $113 million for its Galaxy Ventures Fund I LP last year . As reported by TheCoinRise, the initial fundraising efforts marked a milestone for the fund, aiming to reach $150 million by the end of this year. Nonetheless, the primary objective of the fund is to build a diversified portfolio consisting of approximately 30 investments within the cryptocurrency and blockchain space. Likewise, Galaxy plans to leverage the fund to support innovative projects focused on cryptocurrency software, blockchain infrastructure, and digital finance. Resurgence of Capital in the Crypto Space Galaxy Digital is involved in contributing to other funds within the crypto landscape. Its contribution to a $75 million fund managed by VC firm 1kx, targeting crypto-based consumer apps, exemplifies its broader investment strategy. Notably, the launch of Galaxy’s venture fund coincides with a resurgence of venture capital flowing into the crypto sector. March 2024 witnessed a significant uptick, with over $1.16 billion invested across 180 publicly announced deals. This uptick marked the highest monthly figure since April 2022. The post Galaxy Secures $175M In New Funding for Crypto Firms appeared first on TheCoinrise.com .

Source: The Coin Rise