Galaxy Digital Holdings is establishing a $100 million fund for early-stage cryptocurrency startups, CoinDesk reported today, citing an email to the company's investors.
The Galaxy Ventures Fund I, LP, will funnel upwards of $1 million into each of as many as 30 startups over three years, with a focus on “financial applications, software infrastructure and protocols building in crypto,” according to the report.
Galaxy's move to start up a new fund for early-stage digital asset companies comes amid a resurgence in funding rounds in the cryptocurrency industry. Crypto startups raised roughly $3.1 billion in the fourth quarter of 2023, up from $1.7 billion in the preceding quarter, according to public data cited by Blockworks.
Galaxy did not immediately respond to The Block's request for comment.
