EXCLUSIVE Crypto Billionaire Novogratz Leads Funding for Virtual Real Estate Company

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LONDON, June 30 (Reuters) – Galaxy Interactive, the venture capital arm of crypto-investor billionaire Mike Novogratz Galaxy Digital, has taken on a lead investor role in virtual real estate developer Republic Realm, its chief executive said.

Janine Yorio, chief executive of Republic Realm, said support from Reuters Novogratz was a vote of confidence for the $ 10 million investment vehicle.

Republic Realm purchases virtual real estate, crypto asset, or non-fungible token (NFT) whose ownership status and authenticity are verified by blockchain. NFTs exploded in popularity in 2021, with prices skyrocketing. Read more

US-based Republic Realm, established in March 2021, has made more than 1,500 investments and earlier this month purchased virtual land in the Decentraland blockchain-based online world for $ 900,000. Read more

Republic Realm then develops this land by adding buildings. She built a virtual mall and rented virtual stores to tenants, for example.

In virtual worlds like Decentraland, people can display their NFT art collections, open stores and businesses, walk around with friends, visit buildings, and attend events.

The price of blockchain-based real estate in virtual worlds has jumped with the boom in the NFT market this year. Read more

Republic Realm has not disclosed the size of Galaxy Interactive’s investment.

Republic Realm is part of a private investment platform called Republic. Republic had a Series A funding round in March that raised $ 36 million from investors, including Galaxy Digital and investment firm Prosus. The $ 10 million funding for Republic Realm is separate from that.

Galaxy Interactive is part of Galaxy Digital (GLXY.TO), a crypto-focused financial services group founded by Novogratz, who was previously a hedge fund manager at Fortress Investments and a partner at Goldman Sachs.

He left Fortress to focus on his cryptocurrency investments and founded Galaxy Digital, which now counts Goldman Sachs among his clients.

Earlier this week, Galaxy Digital agreed to grant London-listed Argo Blockchain a loan of 14 million pounds ($ 19.36 million) secured by bitcoin.

Reporting by Elizabeth Howcroft, editing by Abhinav Ramnarayan and Jane Merriman

Our Standards: The Thomson Reuters Trust Principles.

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