Galaxy Digital raises $175m for stablecoin and DeFi venture fund

Mike Novogratz Galaxy Digital launched a Fund of $ 175 million to invest in new cryptographic startups.

Galaxy Digital is expanding its growth capital activity of Crypto Startup. According to a June 26 report of fortune, the company has raised $ 175 million for its last venture capital fund. The fund, which will focus on Defi and Stablecoins, has exceeded its initial funding target of $ 150 million.

Mike Giampapa, general partner of Galaxy Digital, explained that the company planned to invest in more companies operating at the intersection of traditional finances and crypto. The main objective will be on the Stablecoins and Defi, which, depending on the company, will hold a particular promise.

“You see this fundamental passage of more speculative use cases of blockchains to something that is much more … tangible,” said Mike Giampapa, Galaxy Digital.

The company first chose to raise external capital, then to participate as a partner limited to the fund. Since Galaxy Digital is publicly negotiated on the NASDAQ, it allows investors to expose themselves to cryptographic startups via its actions.

Giampapa noted that the company had already deployed $ 50 million from the fund, including investments in Monad’s blockchain and the yield rejection protocol of the stallion protocol.

Galaxy Digital extends its cryptographic operations

Galaxy Digital is involved in several segments of the cryptographic industry, including venture capital, the mining of cryptography, etc. Business reported $ 7 billion Assets under management in May, most of which are allocated to various cryptographic startups.

Recently, Galaxy Digital also has Explored an ETF Solana And took measures to launch the Invesco Galaxy Solana Trust. On June 25, the company, with Invesco, submitted an S-1 form to the Securities and Exchange Commission.

The favorable regulations of cryptography in the United States make capital funds and financial institutions more open to the exploration of the intersection of crypto and traditional finance. Galaxy Digital aims to be at the forefront of this wave of innovation.