Crypto Industry Gets Fresh Wind, Galaxy Digital Holdings Disburses IDR 1.4 Trillion Funds For Digital Asset Startups

Galaxy Digital disburses funds for crypto startups. (Photo; Doc. CryptoInversion)

JAKARTA Galaxy Digital Holdings, an investment company focused on digital assets, announced the launch of a $ 100 million fund to support early-stage cryptocurrency startups. The fund, called the Galaxy Ventures Fund I, LP, will focus on investment in financial applications, software infrastructure, and development protocols in the crypto industry.

The funds will be allocated for 30 selected startups within a three-year period, with a minimum investment of US$1 million (approximately Rp15.8 billion) per startup. Galaxy Ventures Fund I, LP was founded amid a resurgence of investor interest in the crypto industry, where crypto startups managed to raise US$3.1 billion (approximately Rp46 trillion) in the fourth quarter of 2023, up from US$1.7 billion (approximately Rp24 trillion) in the previous quarter.

"We are excited to continue our successful track record of investing in digital asset companies and blockchain infrastructure," said Mike Wursthorn, head of Galaxy Digital Holdings communications.

Over the years, we have independently funded innovators in this area. Now, through the Galaxy Ventures Fund I, LP, we partner with outside investors to continue to encourage the growth of the digital asset ecosystem by supporting promising early-stage startups."

These funds are expected to provide benefits to various parties, including blockchain startups, investors, and the crypto industry in general.

The launch of the Galaxy Ventures Fund I, LP marks Galaxy Digital Holdings' commitment to support the growth and development of the crypto industry. These funds are expected to help early-stage startups achieve their potential and encourage innovation in various fields in the crypto industry.