“We are betting on the long-term use of blockchains for settling most transactions,” said Michael Giampapa, General Partner of the Galaxy Ventures Fund I LP. The fund, managed by Galaxy Asset Management, has already raised $113 million to invest in early-stage startups focused on cryptographic software, infrastructure, and financial applications. Among the fund’s initial investments are projects like Ethena, Monad, and Plume.

The fund aims to raise $150 million and will continue to seek investments next year. Giampapa mentioned that each project would receive between $3 million and $5 million, although the amount may vary.

Galaxy Ventures, a division of Galaxy Digital Holdings, previously invested $30-$50 million annually in crypto startups, and now, with the new fund, it is open to external investors. The company notes that with rising cryptocurrency prices and potential changes in the regulatory environment in the US, interest in venture investments in this sector continues to grow.