Galaxy Digital raises $175 million for its first externally backed venture fund, targeting early-stage crypto startups.
Galaxy Digital has closed a $175 million venture fund, its first with outside capital, as the company ramps up plans to invest in early-stage crypto startups.
The fund, which exceeded its $150 million target, marks the first time Galaxy has accepted outside capital. Until now, the company had relied solely on its own balance sheet for venture investments, according to a report from Fortune.
General partner Mike Giampapa told the outlet that the goal is to back early-stage companies utilizing stablecoins, DeFi applications and other blockchain use cases that are moving beyond speculation.
