Galaxy Interactive has successfully raised a fund of $325 million from 70 investors for investment in next-generation technology.
The fund is expected to be utilized in AI and blockchain-based applications and games. While focusing specifically on virtual reality.
On 19th October 2021, Galaxy Interactive majority investor, Galaxy Digital informed that a $150 million fund was allocated to new companies namely, 1047 Games, Republic, ROAR, Art Block, Elodie, and Masterworks. More investment sources would be announced in the upcoming months.
Established by Sam Englebardt and Richard Kim in the year 2018, presently the company has an asset worth $650 million under management. In fact, more than 75 companies have invested in this.
One of the founders, Englebardt has described the sector of interaction as a combination of finance, content, and technology. He also believes that this will lead to considerable growth in the upcoming years. The company is focused on Metaverse and digital aspects. Also, he believes that ownership of digital aspects through NFTs would be a strong foundational pillar in bringing out a more immersive internet version.
The CEO and founder of Galaxy Digital, Mike Novogratz stated that Kim and Englebardt had foreseen this sector’s potential. They had emphasized the importance of digital objects and gaming. In fact, highlighted about NFTs being the greatest opportunity for technological advancement in the blockchain. Galaxy Digital could specialize in this domain.
One of the highest investors in eSports and games, Bitkraft Ventures has launched a $75 million fund for blockchain-based games and entertainment early this month.
As per the latest reports, Multicoin capital is planning to raise $250 million for supporting cryptocurrency startups. By the end of 2021, this target would be achieved.
In June this year, Andreessen Horowitz collected $2.2 billion in funds for crypto, the highest crypto-venture ever.
