https://t.me/MomoAI_bot/app?startapp=DHE4RE_glV8xaπ Free LuckyPot, earn tokens!π Earn tokens with
Skip to content
en EN
BTC Coin BTC
-0.84%
ETH Coin ETH
0.05%
USDT Coin USDT
-0.05%
BNB Coin BNB
3.59%
SOL Coin SOL
-3.39%
USDC Coin USDC
-0.01%
XRP Coin XRP
-2.58%
DOGE Coin DOGE
-4.18%
ADA Coin ADA
-2.71%
AVAX Coin AVAX
-2.15%
BTC Coin BTC
-0.84%
ETH Coin ETH
0.05%
USDT Coin USDT
-0.05%
BNB Coin BNB
3.59%
SOL Coin SOL
-3.39%
USDC Coin USDC
-0.01%
XRP Coin XRP
-2.58%
DOGE Coin DOGE
-4.18%
ADA Coin ADA
-2.71%
AVAX Coin AVAX
-2.15%
Search...
Home > News
Published: 04/04/2024
-
Author: Leexim
Galaxy Digital Announces Fund Supporting Cryptocurrency Startups
Galaxy Digital unveils a $100 million fund aimed at fueling growth for promising cryptocurrency startups, focusing on early-stage companies in the crypto space.
Azcnews (1)
Table of Contents
Galaxy Digital, one of the leading companies in the cryptocurrency sector, is expanding its investment footprint by announcing a new $100 million fund. This joint venture aims to boost the power and potential of startups in the cryptocurrency sector.
The move reflects Galaxyβs continued commitment to promoting and growing the cryptocurrency ecosystem, an effort that previously relied largely on the companyβs internal capital.
Galaxy Digitalβs fund promotes cryptocurrency ecosystem growth
The new fund, called Galaxy Ventures Fund I, LP, is expected to support up to 30 startups over the next three years. Initial investments will start from $1 million, focusing on areas such as financial applications, software infrastructure development, and cryptocurrency protocols.
Galaxy Digital has a strong history of investing in cryptocurrency businesses, with over $200 million invested in over 100 projects over the past six years. However, this fund marks a shift in their investment strategy, partnering with outside investors for the first time. The companyβs goal is to replicate the success of investing through this fund through accounting mechanisms.
Michael Novogratz
Michael Novogratz
βFor years, we have used our capital to invest in innovative crypto businesses. Now, we are introducing Galaxy Ventures Fund I LP to partner with outside investors, helps us continue to advance the digital asset ecosystem by supporting promising early-stage companies,β the company said.
Galaxy Digitalβs launch of the ambitious fund marks a notable surge of interest in the venture capital sector. Earlier this year, there was a partnership between Marc Andreessen, Accolade Partners and Galaxy Digital to launch a $75 million fund with the 1kx network. At the same time, Paradigm is said to be raising between $750 million and $850 million, and Hack VC aims to raise a minimum of $100 million.
Related: KuCoin Exchange Witnesses Significant Outflow of Funds
This resurgence mirrors the trend reflected in Galaxy Digitalβs January 2024 research. The companyβs report pointed to a link between venture fundraising strategies and growing cryptocurrency demand increase.
Institutional interest waned
Global VC Deal Percentages in Blockchain or Crypto by Stage
Global VC Deal Percentages in Blockchain or Crypto by Stage. Source: Galaxy Digital
However, institutional interest is gradually waning as valuations decline, posing a major challenge for crypto venture funding. This has become clearer throughout 2023 as passive investment products dominate the market.
Galaxy Digitalβs report also clarifies the significance of their new fund. Globally, crypto/blockchain-focused venture fundraising will only reach $5.75 billion in 2023, down significantly from the 2022 record of $37.7 billion.
The firmβs research highlights that while crypto venture fundraising is not a major vehicle for 2021, the sector is still making progress compared to previous levels. The report predicts venture capital investment in crypto could regain momentum by 2024 if crypto investors choose to reinvest.
Read More
#crypto
#galaxy digital
0.0/5
Love
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking
Altcoin | Editor Choice 04/04/2024
Binance Announces Listing of Saga (SAGA) on Launchpool
Binance cryptocurrency exchange officially announces its 51st Launchpool project, Saga. Users can stake BNB or FDUSD in separate pools to farm Saga tokens. Read more details here!
Azcnews Breakin1g
Editor Choice | Policy & Regulations 04/04/2024
Nigeria Government Collaborates with Interpol to Extradite Binance Director
The Nigerian government and the International Criminal Police Organization (Interpol) have initiated a coordinated plan to extradite Binance Director Nadeem Anjarwalla, who escaped from custody on March 22, 2024.
Azcnews (5)
News | Editor Choice | Policy & Regulations 04/04/2024
KuCoin Exchange Witnesses Significant Outflow of Funds
Over the past week, cryptocurrency exchange KuCoin has been at the center of attention due to regulatory issues. The charges brought last Tuesday include violations of several anti-money laundering (AML) laws and regulations in the United States.
Azcnews (3)
Bitcoin | Editor Choice 04/04/2024
Bitcoin Rebounds to $66,000, Initiating a New Cycle
Throughout history, Bitcoin has experienced a 50% correction after reaching new highs in Open Interest. This marks the beginning of a new cycle.
Azcnews Breaking (75)
Altcoin | Editor Choice | Research 03/04/2024
What is Wormhole? Information about W Token?
Wormhole - a cross-chain platform developed on Solana - has successfully raised over 300 million USD from numerous large investors. So, what is Wormhole? Is the W Token worth investing in? Let's find out!
Top views
1
Guide to Participating in Eclipse Testnet
2
NIM Network Announces Airdrop of 90 Million Tokens
3
How to Participate in the Backpack Airdrop
4
Standard Chartered Forecasts Bitcoin to Rise to $250,000
5
Bitcoin Halving Chart History Analysis
6
What is ChatAI? Information about CHATAI Token?
7
Solana Earns the Title of Ethereum Slayer
8
The Resurgence of βRWAβ Token Category
9
Square Enix Invests in Web3 Platform and NFT HyperPlay
10
AltLayer Introduces ALT Staking Feature
About AZC.News
About Us
For Ads
For KOLs
Privacy Policy
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
