DragonFly Capital Floats New $650m Crypto Fund

BlockchainDragonFly Capital Floats New $650m Crypto Fund


DragonFly Capital has launched a new Venture Capital Fund worth $650 million to continually invest in the broader digital currency ecosystem. 

While earlier filings with the US Securities and Exchange Commission (SEC) showed that the original target was to pull in $500 million, DragonFly notably saw oversubscribed participation from investors, including Tiger Global, KKR, Sequoia China, Ivy League endowments and an undisclosed Southeast Asian state-owned investment company.

As confirmed to TechCrunch by Haseeb Qureshi, DragonFly Capital’s managing partner, the funds will not be deployed to just a niche of the digital currency ecosystem but will be rather spread across the board from Decentralized Finance (DeFi) to gaming and the metaverse.

DragonFly Capital has backed more than 60 different startups in the space through two different Funds floated in 2018 and 2021 respectively. Qureshi confirmed that so much has changed in the industry over the past year with awareness of investment opportunities growing at a very fast pace. 

“We see more opportunities across the different stages and through the lifecycle of a company or protocol. Also, the market has also grown so much. When we first started investing, the entire market for crypto was a few hundreds of billions and now it’s in the multitrillions,” Qureshi said adding, “There’s a lot more understanding of the importance of crypto. There’s a lot more interest in crypto investments not just from traditional VCs or crypto VCs, but also traditional institutions that are now getting into crypto investments because they realize how important this stuff is.”

With the growth of the space, more venture funding has been entering the crypto ecosystem enmasse as investors look back on protocols that they believe will be pivotal to the future Web3.0 that is being envisaged. Besides DragonFly Capital, Paradigm Capital also floated a $2.5 billion crypto venture fund back in November last year, a gesture that is one amongst many others that have been floated this year.

Image source: Shutterstock



Learn more

Latest news

Ripple Scores Big Win as Judge Orders SEC to Turn Over Hinman Documents

Alex Dovbnya U.S. District Court Judge Analisa Torres has rejected the SEC’s latest effort to keep Hinman documents under...

Bitcoin Miner Rhodium Plans to List on Nasdaq through Reverse Merger

Bitcoin miner Rhodium Enterprises is planning to list on Nasdaq under the ticker "RHDM" through a reverse merger...

Celsius Creditors Move to Subpoena Lending Firm Equities First

Celsius said that Equities First still owes its $439 million. Learn more

Cardano Creator Challenges IOTA Co-Founder Dominik Schiener to Debate: Details

Cardano founder Charles Hoskinson has urged the IOTA co-founder and chairman of the IOTA Foundation, Dominik Schiener, to a debate....

LUNC Trading Volume Falls Double-Digits, Is Binance Burning Hype Over?

Gamza Khanzadaev LUNC price and trading volume fall days after Binance burning announcement Luna Classic's (LUNC) trading volume is down...

Must read

Ripple Scores Big Win as Judge Orders SEC to Turn Over Hinman Documents

Alex Dovbnya U.S. District Court Judge Analisa Torres has...

Bitcoin Miner Rhodium Plans to List on Nasdaq through Reverse Merger

Bitcoin miner Rhodium Enterprises is planning to list...

You might also likeRELATED
Recommended to you