Franklin Templeton backs Galaxy Digital’s new crypto fund of funds with $33.75 million

The cryptocurrency merchant bank Galaxy Digital, led by Mike Novogratz, has launched the Galaxy Vision Hill Venture Fund of Funds I. It attracted $33.75 million from Franklin Templeton, which has $1.4 trillion AUM and other unnamed investors.

Franklin Templeton (+$1 trillion AUM) backed @GalaxyDigitalHQ‘s venture fund of funds

Latest by @caseywagnerr https://t.co/4jvmBNkJmh

— Blockworks (@Blockworks_) July 27, 2021

This is Galaxy Digital’s first initiative after the acquisition in May of the asset manager Vision Hill Group. The firm positions itself as a leading investment adviser, asset manager in the cryptocurrency space, and developer of market-analysis solutions.

Galaxy Vision Hill Venture Fund of Funds I will focus on investments in projects related to DeFi, NFT, Web 3.0, infrastructure and services. The fund will focus on pre-seed and seed stages. One of the fund’s investment targets is Spartan Group.

We position the fund as a comprehensive investment platform in the blockchain and digital assets industry, said Galaxy Digital partner Steve Kurtz.

The parent company of Vision Hill Group, Galaxy Fund Management, will in the future offer actively managed and market-neutral funds for a broad range of investors.

In February, Galaxy Digital announced the launch of a new research department and a 40% rise in staff. Previously, the company opened a Bitcoin mining division.

Earlier, the crypto bank agreed to acquire custody provider BitGo for about $1.2 billion in stock and cash.

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