Galaxy Asset Management Raises $113 Million for New Crypto Venture

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After hitting a low at the beginning of 2023, the crypto market normalized, and by March 2024, BTC reached its ATH. Although prices fell afterward, developments continued. Recently, Galaxy Asset Management made a significant announcement.

Announcement Made

Galaxy Asset Management announced raising $113 million for a new crypto venture. The new venture led by billionaire Michael Novogratz will focus on early-stage crypto projects, including cryptocurrency software, infrastructure, and financial applications.

According to Bloomberg, the new fund named Galaxy Ventures Fund I LP will initially invest in 30 companies, with a goal to raise $150 million by the end of 2025.

The $113 million amount is a significant financial indicator for institutions involved in crypto ventures and could pave the way for a major new crypto protocol.

Galaxy has previously invested in popular projects like Ethena and Monad.

Blockchain will be used in most global transactions within a few decades.

Galaxy has been known for investing in long-term crypto projects.

According to Mike Giampapa, a general partner at Galaxy who spoke to Bloomberg, blockchain technology could play a crucial role in the future of global payment methods:

Our macro view is that blockchains will be used for most transactions… This is a one or two-decade transition period we are betting on.

As part of Galaxy’s bet on the future of blockchain, the new fund will invest between $3 million and $5 million in each project.

What is Bitcoin’s Price?

During these developments, attention was also on Bitcoin’s price. As of the time of writing, Bitcoin is trading at $64,100, marking a 3.4% drop in the last 24 hours.

BTC’s market cap has fallen below $1.3 trillion, settling at $1.265 trillion, while its trading volume has dropped 12.9% to $35.1 billion.

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