Updated: April 3, 2024, 4:47 PM EDT
Galaxy Digital Holdings is raising a $100 million fund for early-stage cryptocurrency startups, CoinDesk reported today, citing an email sent to investors.
According to the report, Galaxy Ventures Fund I, LP will invest more than $1 million each in up to 30 startups over three years, with a focus on “building financial applications, software infrastructure, and cryptocurrency protocols.”
Galaxy’s move to launch a new fund for early-stage digital asset companies comes amid a resurgence in funding rounds in the cryptocurrency industry. Cryptocurrency startups raised approximately $3.1 billion in the fourth quarter of 2023, up from $1.7 billion in the previous quarter, according to public data cited by Blockworks.
“We are excited to build on our successful track record of investing in digital asset companies and blockchain infrastructure,” Mike Wursthorn, head of communications at Galaxy, said in a statement to The Block. “For years, we have been putting our own capital behind these innovators. Now we are launching Galaxy Ventures Fund I LP to partner with external investors to continue to energize the digital asset ecosystem by supporting promising early-stage companies. can.”
UPDATE: April 3, 4:21 PM ET: This story has been updated to include confirmation from Galaxy.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.