Galaxy Digital Closes $175M Crypto Fund to Back Early-Stage 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 tackling stablecoins, DeFi applications, and other blockchain use cases moving beyond speculation.
“You’re seeing this fundamental shift from more speculative use cases of blockchains to something that’s much more…tangible,” he told Fortune.
