Cryptocurrency News

Galaxy Digital Raises $325 Million to Invest in “Interactive” Blockchain Projects

By October 19, 2021 No Comments

Galaxy Digital, a cryptocurrency investment firm founded by prominent billionaire investor Mike Novogratz, has announced it raised $325 million for Galaxy Interactive investment fund. The funds will go towards blockchain-powered games, finance, and other nascent technologies.

Key takeaways:

  • A little less than $150 million out of the total $325 million have already been invested or designated for the fund’s new portfolio companies.
  • According to Sam Englebardt, general partner of Galaxy Interactive and co-founder of Galaxy Digital, the fund is searching for companies and projects that have the biggest probability for success given that “younger generations are moving en masse from the physical to the digital world.”
  • Englebardt added: “There has never been a better time to focus on the intersection of content, finance and tech, and we’re fully dedicated to leading the charge in growing this sector.”  
  • Galaxy Interactive’s existing portfolio consists of more than 60 companies, including Mythical Games, Genvid, Immutable, GreenPark, Current, and StockX.
  • CEO of Galaxy Investment Partners, Mike Novogratz, offered high praise for Galaxy Interactive leadership: “They were the first people to pound my desk insisting that gaming and digital objects – which weren’t even called “NFTs” yet would provide the biggest opportunity for blockchain technology to scale.”
  • Generally speaking, the crypto gaming sector has been on a massive upswing in 2021. In last month alone, the number of unique wallet accounts connected to gaming smart contracts increased by 64%, while non-fungible token (NFT) and DeFi-specific wallets recorded only 6% and 3% increases, respectively.