Galaxy Digital has announced the raising of $175 million for its inaugural external fund, focusing on investments in DeFi startups. This move highlights the company's commitment to supporting blockchain innovation.
Fund Overview
Galaxy Digital, a leading player in digital assets and blockchain investments, has unveiled its first external fund with a total of $175 million. This fund aims to support decentralized finance (DeFi) startups.
Goals and Strategic Focus
Led by CEO Mike Novogratz, the Galaxy Digital fund targets early-stage blockchain infrastructure projects. The primary goal is to stimulate growth within the DeFi sector.
Industry Reaction and Future Investments
The industry's response underscores the importance of institutional backing and its effect on DeFi innovation. Expectations pivot around the new investments from Galaxy Digital becoming a catalyst for significant growth and interest in decentralized financial initiatives.
The $175 million raise showcases Galaxy Digital's strategic expansion in the DeFi market, potentially catalyzing growth for blockchain-related projects and assets.
