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Galaxy Interactive secures $325M to offer blockchain-based games

Galaxy Digital Holdings Ltd has announced that its subsidiary firm, Galaxy Interactive, has raised $325 million in a funding round. The funding was contributed by more than 70 firms, including institutional investors, family offices, strategic investors and endowments. Galaxy Interactive is the second fund under the Multi-LP fund offerings under GDAM. The parent company, Galaxy Digital, has around $2.2 billion in assets under management as of last month.

New Companies Join in Funding Round

In the announcement, the company stated that around $150 million from the entire funds raised were contributed by new portfolio companies. These companies have joined the existing portfolio of over 60 companies that were already investors with Galaxy Interactive. The existing investors that participated in this funding round included Bad Robot Games, Current, Genvid, GreenPark, Immutable, Mythical Games, StockX and more. The funding from new investors came from firms such as 1047 Games, Art Blocks, Elodie, Masterworks and ROAR. Galaxy Interactive further noted that other new investments would be announced in the coming months. Commenting on this funding, Sam Englebardt, a co-founder of Galaxy Interactive, stated that, “Today, the implications of that question present themselves everywhere, in so many fascinating ways and through the utilization of revolutionary technologies. 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 change in growing this sector.”

Novogratz and Crypto

Mike Novogratz, the CEO stated that the initiative for Galaxy Interactive to venture into blockchain games was inspired by demand from people who wanted to have gaming and digital objects on the platform. He also noted that these products would offer a great opportunity for which blockchain technology to scale. Galaxy Digital has been one of the firms heavily invested in cryptocurrencies and other digital assets. It is among the firms that have filed for an exchange-traded fund (ETF) with the Securities and Exchange Commission. In August, the company filed for a Bitcoin ETF approval. This was the second time for the file to file for this approval. In the latest filing, Galaxy Digital filed for the ETF under the securities act of 1940.

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Polygon Matic Price shoots 8% while Cryptos Retrace – Buy Matic?

The cryptocurrency market entered recently a consolidation mode. After Bitcoin prices reached an all-time high price of around USD 68,000, its prices retraced back to a previous consolidation delimited between 50K and 60K. On the other hand, we witness occasional good news regarding certain altcoins, bringing their prices higher. In this article, we look at::Listen

The cryptocurrency market entered recently a consolidation mode. After Bitcoin prices reached an all-time high price of around USD 68,000, its prices retraced back to a previous consolidation delimited between 50K and 60K. On the other hand, we witness occasional good news regarding certain altcoins, bringing their prices higher. In this article, we look at Polygon Matic Price, which recently shot around 8% while other cryptos retrace.

What is Polygon Matic Crypto?

Polygon is a project that aims to bring Ethereum’s blockchain to the masses. In order to do so, it provides an easy “plug-and-play” solution to crypto projects. This not only increases the demand for Ethereum but also for the entire crypto industry. Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infrastructure required by the developer.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system. That’s why it was given the attribute of the “Internet of Blockchains”. This multi-chain system is related to other projects such as Polkadot, Cosmos, and Avalanche with the advantages of Ethereum’s security, smooth ecosystem, and openness.

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Why did Polygon Matic Price Increase?

While Bitcoin and most altcoins retrace, Polygon MATIC’s price shot 8%. This comes after MATIC was recently listed on 21Shares as a crypto exchange-traded product or ETP. Layer 2 solutions are garnering huge attention lately, and Polygon is one of the leading projects in this realm. Investors are seeing many other projects launching on the Polygon infrastructure, which is faster and less expensive than other blockchains like Ethereum.

Following this listing news, MATIC prices soared by 17%. Prices increased from USD 1.79 all the way towards the psychological price of USD 2.1. Prices did retrace due to profit-taking towards the current price of USD 1.95 and are still up by around 8%.

MATIC/USD 2-hours chart showing MATIC's rise following the news
Fig.1 MATIC/USD 2-hours chart showing MATIC’s rise following the news – TradingView

Can you still Buy Polygon MATIC?

Zooming out and looking at the macro price-action of MATIC, we can clearly see in figure 2 how MATIC prices breached the upper triangle formation. This technical formation was key to estimating a future increase in prices. Technical traders often wait for such price-action to open trades.

On the other hand, if the crypto market continues to retrace lower, MATIC should turn back lower, especially looking at how technical traders reached their targets and are ready to close their positions.

MATIC/USD 1-day chart showing MATIC's target
Fig.2 MATIC/USD 1-day chart showing MATIC’s target – TradingView

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Rudy Fares

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The post Polygon Matic Price shoots 8% while Cryptos Retrace – Buy Matic? appeared first on CryptoTicker.

Galaxy Interactive secures $325M to offer blockchain-based games

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