Mike Novogratz, the billionaire behind Galaxy Digital, is betting big on the future of crypto. His company is launching a new venture fund, Galaxy Ventures Fund I LP, to invest in promising crypto startups.
$113 Million and Counting
Galaxy Digital has already raised $113 million for the fund, with a goal of reaching $150 million. This money will be used to invest in around 30 startups working on crypto software, infrastructure, and financial applications.
A Long-Term Vision
Galaxy Digital believes that blockchain technology will become the standard for transactions in the future. “Our view is that blockchains will be used for most transactions,” said Mike Giampapa, a general partner at Galaxy. “We’re betting on a transition that will take one or two decades.”
Investing in the Future
Galaxy Ventures has already invested in over 100 companies, including Ethena, Monad, and Plume. This new fund will allow them to invest even more, backing “visionary startups” and gaining valuable insights into the future of finance.
“This fund will strengthen our commitment to fostering innovation in the digital asset space,” said Steve Kurz, Galaxy’s global head of asset management.
Big Bets on Crypto
Galaxy Digital is not the only company investing heavily in crypto startups. The industry is attracting a lot of attention from venture capitalists, who see the potential for massive growth in the coming years. It remains to be seen which startups will succeed, but Galaxy Digital is clearly placing its bets on the future of crypto.
