Galaxy Digital’s venture has long invested its own money in crypto companies. Now, it’s planning to do that with outside investors’ capital, too.
The crypto investments giant is putting together a $100 million fund that will invest in early-stage crypto companies, according to an investor email shared with CoinDesk. As part of these plans, Galaxy is moving its venture capital franchise into its asset management business.
Called Galaxy Ventures Fund I, LP, the fund aims to invest in as many as 30 startups over the next three years, with checks starting at $1 million. It will target financial applications, software infrastructure and protocols building in crypto, the email said.
Galaxy is already a prolific investor in crypto companies; according to the email, it invested $200 million into more than 100 projects over the past six years. But that money has been the firm’s.
The new fund “will continue the success of our proprietary balance sheet investing but through a direct, institutional-grade fund,” the email said.
A spokesperson for Galaxy did not immediately respond to a request for comment.
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