Galaxy Digital Ventures Secures $113 Million for Initial Funding
Galaxy Digital Launches First Fund Focused on Crypto Infrastructure and Web3
Galaxy Digital Holdings, a leading digital asset manager, has launched its first fund, Galaxy Ventures Fund I LP, open to outside investors. The fund aims to invest in early-stage startups developing crypto software, infrastructure, and financial applications, with a focus on stage-agnostic venture investing across protocols, scaling solutions, decentralized finance (DeFi), and web3 infrastructure.
The fund, managed by General Partner Mike Giampapa, has already raised $113 million, as announced on Thursday. With this fund, Galaxy Digital aims to raise a total of $150 million by next year at the latest.
Galaxy Ventures Fund I LP's primary focus is venture investment in digital asset infrastructure and web3, with broader support and investment from Galaxy Digital in complementary digital asset sectors and financial services. The fund targets to invest in leading DeFi projects and expects its investment per project to range between $3 million and $5 million, though this may vary.
The fund's goal is to support the development of the crypto ecosystem and investing in projects that have the potential to make significant contributions to the industry. Recently, the fund acquired nearly all of CryptoManufaktur's Ethereum Assets, bringing Galaxy Digital's Ethereum staking portfolio to approximately $1 billion in assets under stake.
Galaxy Digital as a whole also invests broadly in digital asset products and services, including ETFs, hedge funds, private equity, and active/passive funds across digital assets and alternative assets. They provide institutional clients access to a comprehensive ecosystem including staking, tokenization, investment banking, and mining-related financing.
The fund has already invested in RWA-focused modular layer-2 blockchain Plume Network and Ethena. The macro view of the fund, as stated by Mike Giampapa, is that blockchains will be used to settle the majority of transactions.
For updates on the fund and its investments, follow Galaxy Digital on X and Telegram. Subscription to the newsletter can be done using the provided link. The fund's goal of supporting the development of the crypto ecosystem and investing in leading DeFi projects also remains unchanged.
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