Galaxy Interactive secures $325M to offer blockchain-based games

Galaxy Digital Holdings Ltd has announced that its subsidiary firm, Galaxy Interactive, has raised $325 million in a funding round. The funding was contributed by more than 70 firms, including institutional investors, family offices, strategic investors and endowments. Galaxy Interactive is the second fund under the Multi-LP fund offerings under GDAM. The parent company, Galaxy Digital, has around $2.2 billion in assets under management as of last month.

New Companies Join in Funding Round

In the announcement, the company stated that around $150 million from the entire funds raised were contributed by new portfolio companies. These companies have joined the existing portfolio of over 60 companies that were already investors with Galaxy Interactive. The existing investors that participated in this funding round included Bad Robot Games, Current, Genvid, GreenPark, Immutable, Mythical Games, StockX and more. The funding from new investors came from firms such as 1047 Games, Art Blocks, Elodie, Masterworks and ROAR. Galaxy Interactive further noted that other new investments would be announced in the coming months. Commenting on this funding, Sam Englebardt, a co-founder of Galaxy Interactive, stated that, “Today, the implications of that question present themselves everywhere, in so many fascinating ways and through the utilization of revolutionary technologies. There has never been a better time to focus on the intersection of content, finance and tech, and we’re fully dedicated to leading the change in growing this sector.”

Novogratz and Crypto

Mike Novogratz, the CEO stated that the initiative for Galaxy Interactive to venture into blockchain games was inspired by demand from people who wanted to have gaming and digital objects on the platform. He also noted that these products would offer a great opportunity for which blockchain technology to scale. Galaxy Digital has been one of the firms heavily invested in cryptocurrencies and other digital assets. It is among the firms that have filed for an exchange-traded fund (ETF) with the Securities and Exchange Commission. In August, the company filed for a Bitcoin ETF approval. This was the second time for the file to file for this approval. In the latest filing, Galaxy Digital filed for the ETF under the securities act of 1940.

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