Crypto fund DragonFly Capital introduced the launch of a brand new $225 million fund to put money into tasks throughout the crypto area.

Following the success of the unique $100 million fund kickstarted in late 2018, the Dragonfly Fund II will goal 4 potential areas: decentralized finance (DeFi) protocols, non-fungible token tasks, Ethereum Layer 2-based companies, and centralized finance (CeFi) platforms. 

The San Francisco-based enterprise capital fund have been early backers of notable tasks akin to ByBit, Compound, Celo, and Maker, amongst others. A lot of DragonFly Capital’s previous investments have been targeted on the DeFi area, however because the crypto area continues to quickly evolve, it’s clear that the fund is exploring new alternatives.

Notable tasks DragonFly Fund I has backed to this point. 

In a weblog publish, they acknowledged the danger of betting on unstable, “frothy” areas like NFTs. Non-fungible tokens have been all the craze this yr, with the trade gaining mass-popularity as cryptos rallied to document highs. Using on the recent NFT wave, digital market OpenSea raised $23 million in Collection C funding earlier this month. 

As soon as the novelty wears out, nonetheless, it’s unsure whether or not the trade can proceed its parabolic development. Regardless of such considerations, DragonFly Capital reiterated that these rising areas have the potential to grow to be an “essential element of the digital future.” 

Enterprise capital big Sequoia will again the fund as a strategic restricted accomplice, alongside OKEx, Huobi, Bitmain and Bybit. “Along with most of the expertise and cultural leaders from US expertise companies and VCs, we’re in an unbelievable place to assist unite and push the crypto motion ahead,” stated Hasseb Qureshi, managing accomplice at DragonFly Capital. 


Please enter your comment!
Please enter your name here