Summary
TLDR: Galaxy Digital launches a $100 million fund to invest in early-stage crypto startups, marking a shift towards engaging outside investors. This move aligns with a resurgence in venture capital interest in the crypto sector, as highlighted by Galaxy Digital’s own research. Venture fundraising in crypto saw a decline in 2023 but could regain momentum in 2024.
Key Points
1. Galaxy Digital has announced a $100 million fund to support early-stage crypto startups, expanding its investment scope in the cryptocurrency sector.
2. The Galaxy Ventures Fund I, LP, plans to invest in up to 30 startups over the next three years, with a focus on financial applications, software infrastructure, and crypto protocols.
3. This fund marks a shift for Galaxy Digital’s venture team as they engage with outside investors for the first time, aiming to replicate the success of their balance sheet investing through an institutional-grade fund.