Galaxy Raises $175M to Invest in DeFi and Payments Tech

Galaxy Digital closed its very first external venture fund at $175M, exceeding the $150M target. Galaxy Digital, the crypto monetary services company led by previous Goldman Sachs partner Mike Novogratz, has … The post Galaxy Raises $175M to Invest in DeFi and Payments Tech appeared first on Cryptotale.

Galaxy Digital closed its very first external endeavor fund at $175M, going beyond the $150M target. The fund has deployed $50M into start-ups like Monad and Ethena’s yield-bearing stablecoin. The fund exceeded its $150M target, drawing in institutional and household office investors. Galaxy Digital, the crypto monetary services firm led by former Goldman Sachs partner Mike Novogratz, has finished the last close of its $175 million venture fund. Galaxy announced its initial close at $113 million in July 2024 and has actually already deployed around $50 million to appealing startups.

Galaxy Digital Fund Focuses on Stablecoins and Payments. The new fund will enable Galaxy Digital to invest in high-growth opportunities at the intersection of traditional finance and blockchain. Many of the fund’s limited partners are institutional investors, such as family offices and funds of funds, which also work with Galaxy’s asset management division.

Also Read: Vitalik Buterin: The Visionary Behind Ethereum Blockchain. Galaxy Pushes Ahead Regardless Of Market Downturn. Galaxy Digital decided to increase external financing to fund the venture following the FTX 2022 collapse, which resulted in a fall in the industry.