Dragonfly Capital Gains $100M Toward US/Asian Crypto Fund

As the digital asset sector continues to boom, crypto experts working in VC firms are leaping at the opportunity to establish separate funds of their own. Dragonfly Capital Partners is among the newest of such endeavors, having already raised $100 million directed towards investing in digital asset funds as well as supporting seed-stage businesses. Over half of the collected capital will be utilized towards crypto related ventures.    

A Shift from Traditional VC Firms

Investing in both Asian and United States markets, Dragonfly Capital is run by Bain Capital Venture’s previous investor, Alexander Pack as well as China’s Ceyuan Ventures’ founder, Bo Feng. Pack explained that with this emerging asset class, the foundation of investing is constantly changing, and would be a mistake to focus on a single type of asset or region. He stated that Dragonfly Capital aims to support the primary entities within the crypto sphere.  

The US and Beijing-based firm is the most recent digital asset fund to include a team member originating from a traditional VC. This movement has grown as other high-end firm members move out of Square Ventures, Andreessen Horowitz, and Sequoia Capital to create new digital asset-oriented firms. This shift indicated the expansion of the crypto sphere as well as the necessary knowledge and qualities needed to be successful in the industry.  

A Team of Experts With an International Target

Pack noted that Dragonfly Capital’s strategy to target both US and Asian markets helps facilitate the ease of locating great startups with potential as well as benefit from a wide variety of audiences, particularly in Asia. The crypto fund also includes major crypto exchange OKEx as well as Bitmain Tech Ltd., a known crypto mining company and has submitted a filing for an upcoming IPO in addition to receiving investments from major industry leaders from venture capital firms worldwide.  

Dragonfly Capital will invest in a variety of digital asset funds including quant funds as well as venture-themed digital asset firms. Regarding startups, Dragonfly Capital will continue to invest in protocols and apps in addition to infrastructure businesses that aim to bridge the gap between crypto and traditional entities. The company has already established over twenty portfolio businesses which include Basis, a stable coin startup, as well as others like Oasis Labs. With the help of industry experts as team leaders, experienced investors bringing traditional expertise into the firm, and the rapidly expanding interest in crypto related businesses and services worldwide, companies such as Dragonfly Capital have great promise for success. Together they will pave the way for a new sector of venture investments.  

2 years ago

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