Dragonfly Capital Launches $100 Million Fund for Crypto Startup Investments
A new cryptocurrency venture capital firm, Dragonfly Capital Partners, has acquired their first $100 million fund recently. This fund will be used for investments in crypto startups and crypto assets and includes some of the famous names as their investors, such as Bitmain, Okex and more.
According to the reports from news.bitcoin.com, Dragonfly will dedicate the funding to help namely three forms of crypto assets. They are the crypto-native funds, decentralized protocols, and applications, as well as “pick and shovel” tech startups. The company released a list of 20 investments in its portfolio that includes cryptofunds and asset managers, Basis stablecoin and Oasis Lab as well.
The founding members of the venture capital fund are partners Bo Feng and Alexander Pack. Pack was a former partner investor in Polychain Capital, whereas Feng is also the founder of Ceyuan Ventures along with being the largest investor of Okex.
Alexander Pack believes that throughout the years of crypto investments in their former ventures, they realized how hard it is for several investment firms to participate in the crypto industry. He stated that cryptocurrency isn’t just a new technology. Instead, it is a new asset class driven by technology that the world was missing for decades. As a result, they have managed to raise a $100 million fund which will dedicate the means of cryptocurrency to invest in cryptofunds and crypto startups.
For the reason of raising the fund, Pack says, “A new asset class calls for a new breed of the asset manager.” This fund will largely work towards providing the startup and funding means by a cryptocurrency-driven fund with several investors who are willing to learn a new dimension when it comes to investing in cryptocurrency.
But what do the partners envision the future of this funding and what do they expect in return? According to the founding partners, they are hoping to bridge the gap between the East and West with the means of cryptocurrency and mend the outlook of a digital economy. They are working dedicatedly towards this goal and as a result, received a generous clan of investors willing to participate in the crypto investment funding from Asia and the United States.
According to Bo Feng, he discusses the parallels between the “boom” of the internet back in the 90s and that of cryptocurrency industry in the present time. It is time to evolve new methods to bring together a vast platform of opportunities to make it efficient and evolve it for a new future. The investment fund, he says, will help cryptocurrency that has the potential to become something even bigger than internet and more expansive globally.
They are planning to acquire the ecosystem approach where they will invest in crypto fund managers from around the world and merge top technologists from West to the major crypto enterprises working in the East, specifically the user bases in Asia.