Galaxy Digital has typically used its own money to fund its investments, but the reported $100 million fund will get help from outside backers.
Galaxy Digital’s venture arm is in the initial phases of spinning up a $100 million fund, joining other VCs who are rushing back into crypto.
Mike Novogratz’s crypto conglomerate Galaxy Digital is reportedly in the starting stages of raising a $100 million venture fund targeting early-stage crypto startups, with most of the cash set to come from other investors. Its venture arm, Galaxy Ventures, typically used company money for investments but decided to open up its new Galaxy Ventures Fund I to other venture capitalists last year, a person familiar with the matterThe fund would allow Galaxy to “continue fueling the digital asset ecosystem by backing promising early-stage companies,” Galaxy told Bloomberg.The reported fund comes amid a resurgence of venture money returning to crypto after a flat crypto market last year.
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