Crypto and Blockchain firm, Galaxy Digital, has published its financial report for the first quarter of 2020. The report covers corporate updates, business highlights, and financial highlights. Galaxy Digital is universally known as a merchant bank that bridges the gap between crypto and institutional investors.
Our mission is to institutionalize the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain.Mike Novogratz (Founder and CEO of Galaxy Digital)
Within the EOSIO community, Galaxy Digital is most notably known for their collaboration with Block.one, developers of the EOSIO blockchain protocol. The Galaxy EOS VC Fund is a $325 million venture capital fund which stems from this collaboration and focuses on investments that aim to help grow the EOSIO ecosystem.
Contained within Galaxy Digital’s financial report is information about investments made by the Galaxy EOS VC Fund between 1 January – 31 March, 2020. During the first quarter of 2020, the Galaxy EOS VC Fund made investments in 9 companies namely, Big Run Studios, UNRD, Dazzle Rocks, Superplastic, Go Meta, Inc., Gamefam, Lightheart, and a follow-on investement in Current.
Big Run Studios
Big Run Studios is a company based in California that builds “cutting edge mobile games” and it is said its games add a competitive twist to casual gaming. In March, the company completed a $1.4 million seed funding round led by the Galaxy EOS VC Fund. The company currently has 3 games on its belt with their leading game Blackout Blitz having reached the top 25 free game category on the Apple App Store, at least from January to February of this year.
Unrd is a mobile application that provides real-time entertainment through its interactive storytelling platform. Two months back we reported on its $2.5 million funding round which Galaxy EOS VC was a part of. Unrd has in-app enhancements that can be purchased using its virtual currency.
This game studio is developing a next generation social gaming platform, which is a sandbox (open-world) massively multiplayer online game. Early last month we reported on the studio’s $6.8 million Series A funding round led by the Galaxy EOS VC Fund. Dazzle Rocks is in the final stages of launching the open beta of their gaming platform in both Western and Asian markets.
According to their site, Superplastic is the world’s premier creator of animated synthetic celebrities, designer toys, and apparel. They’re also not shy about pointing out that ‘most of the stuff they make sells out in minutes’. Although we couldn’t find more information regarding Galaxy Digital’s investment in this company; the limited nature and design of its products highly resemble those of an NFT nature, thus would greatly benefit from such an integration.
Go Meta, otherwise known as Metaverse, is an augmented reality (AR) platform that makes it easy and free for anyone to create AR applications for different kinds of use cases. There’s no further information publicly available regarding Galaxy Digital’s investment in the company except what was shared in their financial report. However, a bit of research shows the people behind Metaverse consist of an all-star team with members such as the CEO of Zynga, former CEO’s of Disney and Myspace, VP of Engineering at Google, Director of UX at YouTube, and head of Google News.
The only Inc. that comes to mind is the American business magazine, Inc. Magazine. What value is there for EOSIO, in Galaxy Digital’s investment in Inc.? Assuming this is indeed an investment in the magazine; it could provide tremendous value in advertising the EOSIO ecosystem to the American public, especially since EOS(IO) has been cleared of legal/securities issues in the U.S. by the SEC. This investment in Inc. is another one that we’ll be keeping an eye on and hopefully get to find out more about it in the near future.
Lightheart Entertainment is a new company from Finland that’s currently working on its first game. Having raised $1.4 million in a recent seed funding round led by Galaxy Digital, Lightheart will use the funds to grow its first game and execute on its product strategy. The game is called Mr. Autofire and is set to launch globally later this year after a successful test launch in the U.S.
Last year, Galaxy Digital led a $20 million Series B round in Current, a mobile banking app that offers app-controlled Visa debit cards. Galaxy Digital seems to have doubled down with a follow-on investment in the company. When the initial investment was announced in October last year, Current had over 500,000 member accounts. By February this year, they had 800,000 members and are aiming for 1 million by the end of June 2020.
Note: Galaxy Digital also made an investment in a company called Gamefam, but there’s no conclusive information about the company nor are there public mentions of the investment other than in the financial report.
Galaxy Digital, in association with the Galaxy EOS VC Fund, has had criticisms about the companies it chooses to invest in. The argument is that they invest in companies that don’t necessarily utilize any of the EOSIO tech and this can be seen with the Inc., Current, and Superplastic investments. However, the counter argument is that these are long term investments that will benefit the EOSIO ecosystem in one way or another in the long run.
The Galaxy EOS VC Fund is one of four EOS VC Funds and you can learn more about each of them on the site – https://vc.eos.io/partners/
Financial Report (Yahoo Finance): Galaxy Digital Announces First Quarter 2020 Financial Results and Provides Corporate Updates
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