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The firm highlighted the current crypto venture landscape as a challenging ‘mass extinction event,’ despite the fundraising.
Dragonfly has built its reputation in the digital asset landscape, investing in crypto exchange company Bybit and the financial services firm Matrixport.
The firm has also invested in synthetic stablecoin issuer Ethena as well asthe prediction markets platform Polymarket.
Crypto venture firm Dragonfly Capital has closed its fourth fund with $650 million in funding, Fortune reported on Tuesday.
Led by Rob Hadick, whose background is fintech; Haseeb Qureshi, who is basically the face of the firm; Tom Schmidt, the decentralized finance expert; and Bo Feng, the mysterious founder and a reported icon of the Chinese tech scene, Dragonfly mainly invests in the foundational segments of the crypto industry.
The firm plans to use the new fund to advance its strategy, investing in decentralized financial infrastructure with a focus on stablecoins, on-chain finance, and tokenized real-world assets.
The latest fund was announced despite the challenging market conditions, which the firm described as a challenging ‘mass extinction event.’
Some of the firm’s early portfolio projects include investments in crypto exchange company Bybit and the financial services firm Matrixport. Dragonfly also invested in synthetic stablecoin issuer Ethena as well asthe prediction markets platform Polymarket.
Highlighting the crypto industry’s shift towards integration with traditional financial markets, Schmidt said: “This is the biggest meta shift I can feel in my entire time in the industry.” He also believes that investors are beginning to notice that there will be fewer native tokens for different crypto protocols, and more tokens that represent a real-world asset like stocks and private credit funds.
“A lot of crypto funds are now saying, ‘Hey, we’re fintech funds,’” Hadick said. “Which is what I think we do better than anybody.”
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