Novogratz’ Galaxy Interactive Raises $325 Million to Engage with Blockchain-Based Games

Galaxy Interactive – the affiliate of Galaxy Digital Holdings Ltd. – completed a $325 million funding round to expand further into the digital space. More than 70 LPs participated in the event, including institutional investors, endowments, strategic investors, and family offices.

Youngsters Move from The Physical to The Digital World

According to a recent announcement, nearly $150 million out of the $325 million has already been invested in new companies, which will join Galaxy Interactive’s existing portfolio of over 60 interactive firms. That list includes Mythical Games, Immutable, StockX, Genvid, GreenPark, Current, and Bad Robot Games.

In its turn, the current funding round was dedicated to blockchain-based games and artificial intelligence. On that note, one of Galaxy Interactive’s founders – Sam Englebardt – outlined that the younger generations have already started “moving en masse from the physical to the digital world.”

“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 charge in growing this sector,” he added.

Mike Novogratz – Chief Executive Officer of Galaxy Digital – also weighed in on the matter, indicating that the leaders of Galaxy Interactive were able to spot the merits of the industry in its early days:

“They were the first people to pound my desk insisting that gaming and digital objects – which weren’t even called “NFTs” yet – would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”

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


Galaxy Digital’s Crypto Endeavors

Earlier this year, the firm acquired the crypto custodian BitGo as the aggregate transaction value was roughly $1.2 billion based on Galaxy Digital’s share price at the beginning of May.

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

In August, Mike Novogratz’s company filed with the SEC to receive approval for a Bitcoin ETF. Interestingly, this was its second attempt. While in April, Galaxy Digital sought green light with the more traditional way under the securities act of 1933, this time it had a different approach – under the securities act of 1940.


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Andrew Yang and Bankless Release NFT to Support Forward Party

In brief

  • Proceeds from the NFT sale are going to the Forward Party.
  • Yang says he wants to “make the Forward Party the ‘crypto party.'”

Former presidential and New York mayoral candidate Andrew Yang is moving forward with his new Forward Party. To help fund his third party, which seeks to “reform the dysfunctional duopoly” in the U.S. political system, he’s revealed an NFT collaboration with decentralization project Bankless.

Yang, appearing on the October 18 edition of the Bankless podcast, told hosts Ryan Adams and David Hoffman that he wants to “make the Forward Party the ‘crypto party'” because he feels the two are strongly aligned.

“I want to make the case to legislators,” Yang said, “that crypto communities are a force for progress and innovation and a massive provider of jobs.”

Yang went on to say that he wants to help the political system, which he sees as failing and flailing, upgrade and modernize itself. To memorialize the occasion, the team at Bankless chose the most crypto of methods.

“We thought that that was a big enough deal to do some sort of historical commemoration,” Bankless co-founder David Hoffman told Decrypt. “And what else would that be other than an NFT!”

Hoffman said that Bankless reached out to artist Crypt0xWife, who has worked on illustrations of Bankless memes in the past and asked if she’d be interested in joining the project. Hoffman added that there is a lot of alignment between Yang’s vision for the world and what crypto has to offer—and that many of his policies would thrive under a crypto paradigm.

“Andrew understands crypto much deeper than the typical politician and understands that a lot of value and jobs are going to be created here,” said Hoffman. “The man is pro-innovation, and what industry has more innovation in it than crypto?”

Yang said on Twitter today that all proceeds from the sale of the NFT, called Forward, would be donated to the Forward Party. Yang says he launched the Forward Party as an alternative to the current American political left vs. right duopoly that has taken over. “I also have a hope for a positive political movement that is not born of rage and demonization,” Yang wrote on the Forward Party website, “but on optimism and solutions.”

The Forward NFT is minted on Ethereum and listed on the Zora NFT marketplace; bidding ends tomorrow, October 21. According to the listing, the current highest bid is 1.5 ETH, or $6,140.56 at the time this article was published.


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Following Bitcoin’s all-time high, DeFi TVL hits a record high above $233B

Bullish sentiment is running high across the cryptocurrency market on Oct. 20 as Bitcoin’s (BTC) surge to a new all-time high at $67,000 thrust the digital asset into uncharted territory, with investors closely watching to see how altcoins and decentralized finance (DeFi) tokens react to the move.

Crypto Fear & Greed Index. Source:

The DeFi sector has also benefited from BTC’s bullish breakout, and today, the total value locked (TVL) across all DeFi protocols climbed to a new record high.

According to data from Defi Llama, which collects data from DeFi protocols across all major blockchain networks, including Binance Smart Chain, Avalanche and wrapped Bitcoin (wBTC), there is now more than $233.88 billion in value locked in protocols across the various blockchain networks. Currently, Aave leads with $18.79 billion, and Curve comes in second place with $17.97 billion locked in value. 

Total value locked in DeFi. Source: Defi Llama

As a result of the surging price of Bitcoin, wBTC is now ranked fourth in terms of TVL, with $14.51 billion in value being deployed across the DeFi landscape.

The biggest gainers in TVL over the past seven days were Trader Joe with a 57.2% increase and Rari Capital, which saw a 50.57% surge. Yield Yak also gained 36.52%. 

Top TVL gainers in the past 7 days. Source: Token Terminal

New users flow into DeFi

In addition to the rising token values, the DeFi ecosystem also saw a sharp increase in new user inflow, and data from Dune Analytics shows that 3,591,876 unique wallets have now interacted with at least one DeFi protocol.

Total DeFi users over time. Source: Dune Analytics

Despite the inflow of new users, trading volumes across decentralized exchanges (DEX) have remained below the highs set in May and are currently lower than the activity seen in recent months as well.

Monthly DEX volume. Source: Dune Analytics

One possible explanation for this has been the increased focus on BTC over the past couple of months, as speculation about when a Bitcoin exchange-traded fund would pass and whether or not BTC’s price will have surpassed $100,000 by the end of 2021 dominated conversations.

Related: Ethereum nears its own all-time high as ETH price retakes $4K

Stablecoin growth hints at future demand for crypto

Another factor contributing to DeFi’s growth could be the steady integration and infusion of stablecoins.

There has been an interesting history of increases in the circulating supply of Tether (USDT) coinciding in large part with run-ups in the price of Bitcoin, and this most recent rally is no exception because on the same day that BTC established a new all-time high, so to did the circulating supply of USDT.

The importance of stablecoins to the overall DeFi economy is also evidenced by the total value locked on Curve, which specifically deals with the creation of stablecoin pools for use across the ecosystem.

The overall cryptocurrency market capitalization now stands at $2.635 trillion, and Bitcoin’s dominance rate is 47.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.