Galaxy Digital Holdings is creating a $100 million fund for crypto startups.
The fund, known as Galaxy Ventures Fund I, LP, plans to invest up to $1 million in up to 30 startups over three years, prioritizing projects focused on "financial applications, software infrastructure and protocols" within the crypto industry.
The decision to launch this new fund comes at a time when there has been a significant increase in funding rounds in the cryptocurrency space.
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In Q4 2023, crypto startups raised around $3.1 billion, up from $1.7 billion in the previous quarter.
This new fund will enable the company to collaborate with external investors to support and nurture early-stage companies and drive the development of the digital asset ecosystem.