Galaxy Asset Management has now concluded its fundraising efforts, having obtained a total of $113M, for the new Galaxy Asset Management venture fund, which is a cutting-edge foundation that has started the gold rush in the market for cryptocurrency startups.
Billionaire-Backed Crypto Venture
Directed by Michael Novogratz, the fund was represented to promote the early stage sectors in the cryptocurrency that focus on the development of software for cryptocurrency, infrastructure, and e-money transfers, as heard via a report on Bloomberg. Named Galaxy Ventures Fund I LP, the fund has the main target of investments in 30 companies, and it will continue raising money for 150 million dollars by 2025.
Galaxy’s Investment Legacy
Galaxy Asset Management has worked with notable protocols such as Ethena and Monad. Galaxy Investment, keeping in mind the future of blockchain, anticipates that the transition to the global settlement of transactions through blockchain technologies will be gradual. This view is shared not only by Mike Giampapa, a general partner of Galaxy, but also by others in the company who say, “Our macro view is blockchains will be utilized to settle the majority of transactions… It’s a one-, two-decade transition that we are betting on.”
Strategic Allocations and Growth
Newly formed fund is also of a modern nature regarding its one by one partner to projects, which is representative of Galaxy’s detailed investment in the alteration potential of Blockchain Technology. In March, the company reached over $10 billion of assets under management (AUM) and receiving the highest ever inflow of $2.5 billion from institutional investors during the month. Primarily, their assets increased during February, boosted by the appreciation of the market.
Crypto Startup Funding Trends
Interpretations from the latest studies show that crypto startups have attracted a big portion of the total funding amount that is $100 billion, which was done in the last decade since May 2014. Cryptocurrency startup funding passed the previous peak in October 2021, with over $7 billion raised within a month. It is found in a recent survey that almost 50% of all cryptocurrency funding comes from investors who are based in the United States with about as much taken as collective contributions from the United Kingdom and Singapore put together.
High-Profile Funding Rounds
It was only a matter of months when the series of high-profile funding deals happened at the end of 2023 and the first half of 2024. Together.AI and cross-chain protocol Wormhole all of a sudden had $225 million fresh money each, while the lesser-known players like the open-source cloud storage firm Totter and Eigenlayer only scored $101 million and $100 million respectively, but still with a fair share of the deals. Most interesting to mention are Swan Bitcoin’s $165 million raise and Blockchain.com’s $110 million round. Such generous inflows underscore the magnified vigor and interest in the cryptocurrency sector.
