Novogratz's Galaxy Interactive raises $325 million for blockchain-based games

Novogratz's Galaxy Interactive raises $325 million for blockchain-based games

Galaxy Interactive – the subsidiary of Galaxy Digital Holdings Ltd. – has closed a $325 million funding round to further expand into the digital space. More than 70 LPs attended the event, including institutional investors, foundations, strategic investors and family offices.

Young people are moving from the physical to the digital world

According to a recent notice, nearly $150 million of the $325 million has already been invested in new companies that will complement Galaxy Interactive's existing portfolio of over 60 interactive companies. This list includes Mythical Games, Immutable, StockX, Genvid, GreenPark, Current and Bad Robot Games.

The current financing round was dedicated to blockchain-based games and artificial intelligence. In this sense, one of the founders of Galaxy Interactive – Sam Englebardt – outlined that the younger generations have already started “moving from the physical to the digital world en masse”.

“There has never been a better time to focus on the intersection of content, finance and technology, and we are fully committed to taking responsibility for the growth of this sector,” he added.

Mike Novogratz – Chief Executive Officer of Galaxy Digital – also weighed in on the matter, suggesting that Galaxy Interactive executives saw the industry's virtues in its early days:

"They were the first people to pound on my desk and insist that games and digital objects - which weren't even called 'NFTs' yet - offered the greatest opportunity for scaling blockchain technology and that Galaxy Digital needed to specialize in this area."

Galaxy Interactive is a division of Galaxy Digital. Founded in 2018, it is a stage-agnostic venture fund focused on companies operating at the intersection of content, finance and technology.

Galaxy Digital's crypto efforts

Earlier this year the company acquired crypto custodian BitGo's aggregate transaction value was around $1.2 billion based on Galaxy Digital's share price in early May.

Following the move, the latter promised to become a “leading global full-service platform for institutions seeking access to the crypto economy.”

In August the company was taken over by Mike Novogratz filed with the SEC to get approval for a Bitcoin ETF. Interestingly, this was the second attempt. While Galaxy Digital sought the green light in April using the more traditional route under the Securities Act of 1933, this time it took a different approach - under the Securities Act of 1940.

.