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Dragonfly Capital Partners, a crypto-based venture capital fund, has initiated its crypto assets investment fund, worth 100 million USD. This financing model seeks to push more money into crypto oriented assets and startups. So far, the fund has many investors, including Bitmain, Okex, and other high profile crypto and blockchain industry players.
With over 20 investments in its portfolio, including Oasis Labs and stablecoin Basis, Dragonfly will invest in cryptocurrency native funds, technology, and blockchain startups, as well as decentralized applications and protocols.
Dragonfly is led by Alexander Pack and Bo Feng. Apart from serving as a general partner investor in Polychain Capital, Alexander managed a cryptocurrency fund investment for Bain Capital Ventures. Bo Feng has also acquired a lot of accolades in the blockchain and cryptosphere, as the largest investor in Okex and founding partner at Ceyuan Ventures.
The venture capital firm has brought a lot of cryptocurrency and blockchain investment from different parts of the world, which it claims to be “bridging the gap between East and West in the Crypto economy.”
“…The issue is that crypto is not just a new technology but a new tech-driven asset class, something we haven’t witnessed in decades. A new asset class calls for a new breed of asset manager. That’s why we launched a crypto-dedicated fund and why we invest in other crypto funds.”
This initiative is not just a step towards pushing more finances into cryptocurrency and blockchain startups but also paves the way for the crypto industry to develop into a fully-fledged sector that gets the support of big venture capital firms.