Galaxy Digital has closed a 175 million USD venture fund, significantly surpassing its initial target of 150 million USD. This marks Galaxy’s first venture with external funding, allowing the firm to support early-stage crypto companies.
The fund aims to target developments in stablecoins, DeFi applications, and practical blockchain solutions. General partner Mike Giampapa emphasized this strategic pivot towards more tangible blockchain use cases following the collapse of FTX.
The backing for this venture fund includes both Galaxy’s internal capital and investments from institutional players. Following its first close of 113 million USD in July 2024, Galaxy has already deployed 50 million USD into various startups.
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