TL; DR
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Galaxy Ventures is putting a portion of its $113 million fund into funded applications, which we hope will start a trend away from building infrastructure and toward blockchain apps.
Full story
Galaxy Ventures just raised $113 million to invest in early-stage companies building crypto protocols, software infrastructure, and financialized applications.
That’s not much in the grand scheme of things, but the last two words of that announcement get us excited.
Over the past year, most funds/VCs have focused heavily on investing in infrastructure projects, while blockchain apps have been given the cold shoulder.
That stinks, because the blockchain space currently has more infrastructure than it knows what to do with – and very few apps.
It’s like having an internet connection without having to visit websites.
(Please, for the love of God we need something to do with our crypto outside of staking).
Here’s why these two words in the fund’s press release are worth getting excited about:
It takes big names to change a trend in the investing world, and Mike Novogratz’s Galaxy Asset Management is one of the most respected names in this field.
Godspeed, Mikey boy.
Thank God.