Mike Novogratz's Galaxy is expanding its venture capital efforts with a new $175 million fund aimed at investing in digital asset startups. The firm intends to bridge traditional finance and crypto, focusing on more concrete developments like stablecoins and decentralized finance. The fund marks Galaxy's inaugural effort to include outside capital while still leveraging its balance sheet. With a wide array of operations and significant assets under management, Galaxy seeks to enhance its presence in the evolving crypto landscape, even after facing financial setbacks.
"You're seeing this fundamental shift from more speculative use cases of blockchains to something that's much more... tangible."
The vehicle is Galaxy's first to take outside capital, though it is anchoring the fund through its own balance sheet capital.
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