Franklin Templeton backs Galaxy Digital's $34m crypto fund

Franklin Templeton backs Galaxy Digital's

Mike Novogratz's cryptocurrency trading bank Galaxy Digital has launched the Galaxy Vision Hill Venture Fund of Funds I. It has raised $33.75m from Franklin Templeton with $1.4trn AUM and other unnamed investors.

Franklin Templeton (+$1 trillion AUM) backed @GalaxyDigitalHQ's venture fund of funds Latest by @caseywagnerr

This is Galaxy Digital's first initiative since its acquisition of asset manager Vision Hill Group in May. The firm is positioning itself as a leading investment adviser, cryptocurrency asset manager 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 with a focus on pre-seed and seed stages. One of the investment targets is the Spartan Group.

"We are positioning the fund as a comprehensive investment platform in the blockchain and digital asset industry," said Galaxy Digital partner Steve Kurtz.

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

Recall that Galaxy Digital announced in February that it had launched a new research division and increased its headcount by 40%. Prior to that, the company opened a bitcoin mining division.

Earlier, the cryptocurrency bank agreed to buy custodial service provider BitGo for about $1.2bn in shares and cash.

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