Mentioned:
GLXY -11.51% CRCL -11.34%
Galaxy Digital wants to own a stake in the most promising new stablecoin companies in crypto. And they’re raising outside capital to do it.
What’s happening:
- Galaxy Digital (NASDAQ: GLXY) has officially raised $175M USD for a new venture fund known as Galaxy Ventures Fund I
Why it matters:
- This is the first time ever that Galaxy Digital has raised outside capital to invest into early stage crypto projects and startups, having previously funded all prior venture investments with their own capital
Going deeper:
- Galaxy Digital has publicly stated that Galaxy Ventures Fund I will primarily focus on investments into stablecoin companies, digital payment protocols and decentralized finance infrastructure
- Galaxy Digital has been a notable early stage investor in multiple prominent stablecoin projects and stablecoin infrastructure companies, including Ethena, Rain, ReddotPay, Rail and Mesh
The intrigue:
- Stablecoins have also been making waves on Wall Street lately, with stablecoin issuer Circle Internet Group (NYSE: CRCL) just recently raising a billion dollars in their IPO financing round
