News - Galaxy wants to raise US$100 million

By Luc Vesters

Galaxy wants to raise US$100 million


Galaxy Digital Holdings is setting up a fund for early-stage crypto startups, CoinDesk reported today, citing an e-mail to the company's investors. The goal is to raise $100 million in capital.

According to the report, the Galaxy Ventures Fund is expected to invest up to $1 million at a time in up to 30 startups over a three-year period, with a focus on financial applications, software infrastructure and crypto protocols.

Galaxy Digital is one of the largest crypto investment companies focused on institutionalizing digital assets and blockchain. It is currently listed on the Toronto Stock Exchange in Canada.

"We are excited to build on our long-standing track record of investing in digital assets and blockchain infrastructure," noted Galaxy Head of Communications Mike Wursthorn.

Until now, Galaxy has invested mainly with its own capital, but in the future it will also cooperate more with outside investors.

The tide has now turned, as Galaxy's move comes amid a funding renaissance in the crypto industry. Prices have risen steadily since early 2023, and the entire ecosystem is now benefiting, including start-ups.

Crypto startups raised about USD 3.1 billion in funding in the fourth quarter of 2023. An obvious increase from the previous quarter, according to public data. Galaxy's announcement can be interpreted as a positive sign for the industry.

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