(Bloomberg) -- Michael Novogratz’s Galaxy Digital is in the early stages of raising a new venture fund, with most of its targeted $100 million expected to come from outside investors.

Galaxy Ventures has long invested the company’s own money into various crypto startups, focused on areas such as infrastructure, decentralized finance and payments. But last year, the company decided to start Galaxy Ventures Fund I and to open it to outside investors, according to a person familiar with the decision who asked for anonymity because the matter hasn’t been made public. Galaxy Ventures will continue to manage its existing portfolio while raising the funds. The minimum investment made in any startup will be $1 million, the person said. 

“For years, we’ve been putting our own capital behind these innovators. Now we’re launching Galaxy Ventures Fund I LP to partner with outside investors, allowing us to continue fueling the digital asset ecosystem by backing promising early-stage companies,” Galaxy said in a statement Wednesday. Galaxy has raised other venture funds before.

The new fund is yet another sign of a revival in venture-capital investments into crypto. Paradigm is in talks with investors to raise between $750 million and $850 million for a new fund, Bloomberg reported earlier. Hack VC is raising at least $100 million for another fund targeting seed-stage investments in crypto startups.

Venture capitalists are rushing in amid a steep Bitcoin rally, and renewed interest in crypto among retail and institutional traders alike.

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