Newly launched venture capital firm Dragonfly Capital Partners has released its debut crypto-focused fund with a $100m capital pool.
The firm hopes to fill the void between the crypto economy in the East and West. To do this, Dragonfly will invest and connect ‘industry leading participants’ across geography and asset type.
Dragonfly invests across three asset types including, crypto-native funds, protocols and applications, and ‘pick-and-shove’ technology startups which build bridges between the decentralised and centralised worlds.
Some of the investors in Dragonfly include blockchain companies including OKEx, cryptocurrency exchanges, and the crypto mining startup Bitmain.
Dragonfly has launched with an active portfolio of more than 20 investments which includes tech-driven cryptofunds, decentralised infrastructure, such as cryptocurrency Basis, and foundational protocols including Spacemesh and Oasis Labs.
The team is led by managing partners Alexander Pack and Bo Feng. Pack has previously managed crypto and fund investing at Bain Capital, while Feng was a founding partner of Ceyuan Ventures.
Pack said, “Throughout our years of investing in crypto at our respective VC firms we realized how difficult it is for incumbent investment firms to participate in this tech trend. 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 cryptofunds.”
Earlier in the year, Andreessen Horowitz launched a $300m cryptocurrency-focused fund which will back tokens over the next 10 years.
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