Galaxy Digital Holdings, a leading cryptocurrency investment company, is to jump into the venture capital (VC) sector through a new fund.
The company, through Galaxy Ventures Fund I, which would be the initial fund, is looking to raise $100 million to target crypto early-stage companies.
This is the first time the venture arm has used other people’s capital for its investments, unlike the usual model which uses their capital to fund investments.
As per sources, the fund centers around financial applications, software infrastructure, and blockchain protocols within the crypto industry.
Their mission involves the allocation of up to 30 startups in the next three years with a minimum check size of $1 million per startup.
This news comes along with a recent significant increase in crypto VC activity. Other VC firms like Paradigm and Hack VC are also raising huge amounts to invest in companies with the potential to change the cryptocurrency scene.
The rise in VC activity is the token of the growing faith in cryptocurrency projects after the drop in VC investments in 2023.
The entry of Galaxy Digital into VC suggests that the crypto business is promising, as VC firms could be seeing high return potential in early-stage companies.
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