ChainCatcher news, according to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management has raised $113 million for its new venture fund, which invests in early-stage startups focused on crypto software, infrastructure, and financial applications.Galaxy Ventures Fund I LP aims to build a portfolio consisting of about 30 investments. The fund has already invested in projects such as Ethena, Monad, and Plume. Galaxy Digital Holdings stated in a press release on Thursday that the fund expects to continue raising capital, with a target of reaching $150 million by next year at the latest. Will Nuelle, another general partner of the fund, mentioned that the fund expects to invest between $3 million and $5 million in each project, although the amounts may vary.

ChainCatcher news, Galaxy Digital founder and CEO Michael Novogratz stated that the U.S. is facing a credit crunch, and now is the time to go long on gold, silver, and Bitcoin. He mentioned that banks typically rebuild capital by reducing lending, which means a credit crunch is imminent, and pointed out that indicators such as the commodities market have already signaled an economic recession, with interest rate policies potentially reversing. In addition to his predictions about the tough times for the U.S. economy, Novogratz also expressed a bullish sentiment towards cryptocurrencies. (Cointelegraph)