Galaxy Digital Holdings is establishing a $100 million fund for early-stage cryptocurrency startups, CoinDesk reported today, citing an email to the company's investors.
The Galaxy Ventures Fund I, LP, will funnel upwards of $1 million into each of as many as 30 startups over three years, with a focus on “financial applications, software infrastructure and protocols building in crypto,” according to the report. Galaxy's move to start up a new fund for early-stage digital asset companies comes amid a resurgence in funding rounds in the cryptocurrency industry. Crypto startups raised roughly $3.1 billion in the fourth quarter of 2023, up from $1.7 billion in the preceding quarter, according to public data cited by Blockworks.
"We're excited to build on our successful track record of investing in digital asset companies and blockchain infrastructure," Mike Wursthorn, Galaxy's head of communications, told The Block in a statement. "For years, we've been putting our own capital behind these innovators. Now we're launching Galaxy Ventures Fund I LP to partner with outside investors, allowing us to continue fueling the digital asset ecosystem by backing promising early-stage companies.