Galaxy Digital has announced the launch of its first external venture fund led by Mike Novogratz aimed at supporting practical application of cryptocurrency beyond speculation.
Fund Launch and Goals
The new fund focuses on the shift from speculative to more practical uses of cryptocurrency. "You’re seeing this fundamental shift from more speculative use cases of blockchains to something that’s much more…tangible," said Mike Giampapa, General Partner at Galaxy Digital.
Funding and Investments
The fund has surpassed its $150 million target, demonstrating growing institutional interest. $50 million has already been allocated to early-stage projects, including Monad and Ethena.
Potential Market Impact
The launch of the fund is expected to have a positive impact on the DeFi and cryptocurrency sectors, enhancing market sentiment and potentially paving the way for future regulatory steps. Galaxy Digital aims to leverage this capital to stimulate growth in payments and infrastructure, which may increase future on-chain activity.
The launch of Galaxy Digital's venture fund marks a significant step towards practical use of cryptocurrencies, which may affect their development and acceptance in the market.
