Galaxy Digital is Attracting $100M for Crypto Startups

According to a report, Mike Novogratz’s cryptocurrency company Galaxy Digital is in the early stages of raising a $100 million venture fund specifically for investing in early-stage crypto startups, with the majority of the funds coming from external investors.

While Galaxy Ventures, the company’s venture arm, typically uses its own funds for investments, it has decided to open up the fund, called Galaxy Ventures Fund I, to other venture capitalists. This decision was made last year, as stated by a source familiar with the matter.

The minimum investment that the fund will make into startups is $1 million, the source added. Galaxy stated that this fund will allow them to support and nurture the digital asset ecosystem by backing promising early-stage companies.

Some of Galaxy Ventures’ previous investments in crypto startups include a $2.7 million round led by the company for Citrea in February.