Galaxy Digital Raises $150M for Crypto Venture Fund

IconCryptoNewsTerminal Staff25 Jul, 2024

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Galaxy Digital Raises $150M for Crypto Venture Fund

Galaxy Digital, a crypto-focused financial services firm, is raising a $150 million venture fund. The fund, called Galaxy Ventures Fund ILP, will focus on crypto software, infrastructure, and DeFi. The fundraise is ongoing and has garnered $113 million to date. Galaxy Digital says it expects to reach the $150 million target by next year. Galaxy Digital is one of the largest crypto investment firms in the world. The firm was founded in 2018 by Mike Novogratz, a former Goldman Sachs partner. Galaxy Digital provides a range of services to crypto investors, including asset management, trading, and custody. The new venture fund will be led by Galaxy Digital's head of ventures, Chris Ferraro. Ferraro has been with Galaxy Digital since 2019 and has over 15 years of experience in the crypto industry. Galaxy Digital's venture fund is the latest sign of the growing institutional interest in crypto. In recent months, a number of major financial institutions have announced plans to offer crypto services. This growing interest is expected to further fuel the growth of the crypto industry.

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