Marco Bello
Galaxy Digital Holdings (OTCPK:BRPHF) is planning to raise $100M to create a fund that will invest in as many as 30 cryptocurrency startups over the next three years, according to a media report dated Wednesday.
The new fund, dubbed Galaxy Ventures Fund I, LP, will target financial apps, software infrastructure and protocols building in crypto, CoinDesk reported, citing an investor letter.
Crypto-venture capital isn’t a new foray for Galaxy Digital (OTCPK:BRPHF). Over the past six years, the company invested $200M in more than 100 projects, the article said. Last year, Galaxy (OTCPK:BRPHF) added its venture-capital unit to its asset-management business.
Mike Novogratz’s Galaxy Digital (OTCPK:BRPHF) did not immediately respond to Seeking Alpha’s request for comment.
The news comes as crypto-market investors have enjoyed a bull market over the past year, with bitcoin (BTC-USD), which hit a fresh record high of $73.8K last month, climbing almost 50% so far this year and +137% Y/Y. The coin changed hands at $65.8K at the time of writing.
Source link
