DragonFly Capital Floats New $650m Crypto Fund

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DragonFly Capital has launched a brand new Enterprise Capital Fund price $650 million to repeatedly put money into the broader digital {currency} ecosystem. 

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Whereas earlier filings with the US Securities and {Exchange} Fee (SEC) confirmed that the unique goal was to drag in $500 million, DragonFly notably noticed oversubscribed participation from buyers, together with Tiger International, KKR, Sequoia China, Ivy League endowments and an undisclosed Southeast Asian state-owned funding firm.

As confirmed to TechCrunch by Haseeb Qureshi, DragonFly Capital’s managing companion, the funds won’t be deployed to only a area of interest of the digital {currency} ecosystem however will likely be relatively unfold throughout the board from Decentralized Finance (DeFi) to gaming and the metaverse.

DragonFly Capital has backed greater than 60 completely different startups within the area by means of two completely different Funds floated in 2018 and 2021 respectively. Qureshi confirmed that a lot has modified within the business over the previous yr with consciousness of funding alternatives rising at a really quick tempo. 

“We see more opportunities across the different stages and through the lifecycle of a company or protocol. Also, the market has also grown so much. When we first started investing, the entire market for crypto was a few hundreds of billions and now it’s in the multitrillions,” Qureshi stated including, “There’s a lot more understanding of the importance of crypto. There’s a lot more interest in crypto investments not just from traditional VCs or crypto VCs, but also traditional institutions that are now getting into crypto investments because they realize how important this stuff is.”

With the expansion of the area, extra enterprise funding has been getting into the crypto ecosystem enmasse as buyers look again on protocols that they consider will likely be pivotal to the longer term Web3.0 that’s being envisaged. In addition to DragonFly Capital, Paradigm Capital additionally floated a $2.5 billion crypto enterprise fund again in November final yr, a gesture that’s one among many others which were floated this yr.

Picture supply: Shutterstock

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