Exclusive: Crypto giant Galaxy raises $175 million for first venture fund

Mike Novogratz, a colorful former Goldman Sachs partner and blockchain industry veteran, founded Galaxy in 2018 to bridge the worlds of traditional finance and crypto. After years of investing in digital assets startups using capital from its balance sheet capital, Galaxy is expanding its venture business through a $175 million fund. On Thursday, the company announced the final close of the fund, which exceeded its initial target of $150 million.

In an interview with Fortune, Galaxy...