Galaxy

Bitcoin

Ethena

Status

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/galaxy-raises-113m-for-crypto-venture" data-wpel-link="internal">Galaxy Raises $113M for Crypto Venture</a><br></p>
<p style="text-align: justify">At the start of 2023, the cryptocurrency market hit a low, but it began to stabilize and by March 2024, <a href="https://en.bitcoinhaber.net/bitcoin-soars-beyond-previous-peak-threatening-short-sellers-with-massive-liquidations" data-wpel-link="internal">Bitcoin</a> reached its all-time high (ATH). Despite subsequent price drops, <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">significant developments</a> continued. Recently, Galaxy Asset Management announced a substantial capital raise.</p> 
<h2 id="what-did-galaxy-announce">What Did Galaxy Announce?</h2> 
<p style="text-align: justify">Galaxy Asset Management, led by billionaire Michael Novogratz, unveiled that it raised $113 million for a new crypto initiative. This venture will focus on early-stage cryptocurrency projects, targeting areas such as software, infrastructure, and financial applications. Bloomberg reported that the new fund, named Galaxy Ventures Fund I LP, aims to invest in 30 companies initially, with plans to raise $150 million by the end of 2025.</p> 
<p style="text-align: justify">The $113 million funding milestone is a significant indicator for the institutional involvement in the crypto sector, potentially paving the way for a major new crypto protocol. Galaxy has previously invested in notable projects like Ethena and Monad, aligning with its long-term investment strategy in blockchain technology.</p> 
<h2 id="why-is-blockchain-crucial">Why is Blockchain Crucial?</h2> 
<p style="text-align: justify">According to Mike Giampapa, a general partner at Galaxy, blockchain technology is poised to play a vital role in the future of global payment systems. Giampapa stated that the firm’s long-term view suggests a transition period of one to two decades during which blockchain will become integral to most transactions. As part of this vision, Galaxy’s new fund will allocate between $3 million and $5 million to each project.</p> 
<h2 id="key-inferences-from-galaxy-s-move">Key Inferences from Galaxy’s Move</h2> 
<p style="text-align: justify"><b>Strategic Insights</b></p> 
<p style="text-align: justify">– Galaxy’s significant funding round indicates robust institutional confidence in the future of cryptocurrency.<br> – Early-stage <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investments</a> in crypto infrastructure and financial applications demonstrate a strategic focus on underlying technologies.<br> – The planned $150 million fund target by 2025 suggests a long-term commitment to blockchain innovation and development.</p> 
<h2 id="bitcoin-s-market-status">Bitcoin’s Market Status</h2> 
<p style="text-align: justify">During these developments, Bitcoin’s price has also been under scrutiny. Currently, Bitcoin is trading at $64,100, reflecting a 3.4% decline over the last 24 hours. The market capitalization of Bitcoin has dropped below $1.3 trillion, settling at $1.265 trillion, while the trading volume has decreased by 12.9% to $35.1 billion. This market fluctuation underscores the ongoing volatility within the cryptocurrency space.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/galaxy-raises-113m-for-crypto-venture" data-wpel-link="internal">Galaxy Raises $113M for Crypto Venture</a></h5>

Galaxy Raises $113M for Crypto Venture

Table of Contents

BH NEWS

Other articles published on Jul 25, 2024

Binance Exec's Health Deteriorates in Nigeria Prison, Wheelchair-Bound in Court

OpenAI Develops New AI-Powered Search Engine

BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated

Dogecoin Now Has 6.69 Million Holders: How It Compares To Shiba Inu, XRP

Dogecoin (DOGE) Price Poised For 10x Rally in Next 2-3 Weeks

Ethereum Spot ETFs Could Bring $5B+ in Inflows in Six Months: Analysts

Join our free newsletter for daily crypto updates!