$650 million for crypto: this billionaire fund goes all-in on the blockchain

All funds, all flame – The venture capital firm Dragonfly Capital has set up three series of funds dedicated to cryptocurrencies. The total is now close to a billion dollars. These funds are dedicated to exposing investors to cryptocurrencies in order to profit from them. They also make it possible to support companies in the sector in the different stages of their cycle.

Financing of crypto companies: a new breath signed Dragonfly

Dragonfly Capital therefore announced on April 27, 2022, the closing of subscriptions for its third fund, Dragonfly Ventures III. which amounts to 650 million dollars. This fund is twice as big than the two previous funds set up by the company, totaling $300 million.

Dragonfly Capital has already invested in well-known major crypto projects in the cryptosphere. For example: Avalanche (AVAX), Terra (LUNA), Near Protocol (NEAR), MakerDAO, and Matter Labs. The company currently reportedly has three billion dollars in assets under management.

This new fund will finance the different stages of development blockchain and crypto companies creating “new digital economies”:

With Fund III, we can support teams throughout their lifecycle and new founders as their business matures. »

Tom Schmidt, partner at Dragonfly Capital Partners.

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Raising millions to support the blockchain revolution

This third fund satisfies according to Haseeb Qureshi – partner at Dragonfly – the needs of investors in terms of participation in the crypto economy: marketing, product strategy, recruitment.

Should cryptocurrency companies therefore rush to all funds interested in the sector? Shaun Maguire, partner at the venture capital firm Sequoia Capitalunderlined the need for funding that responds to the specificities of crypto businesses, and in particular to the dynamics of the sector :

The crypto industry moves so fast, the founders of crypto projects want to partner with funds that move incredibly fast, and deeply understand their issues, and the environment. »

Haseeb Qureshi also claims that Dragonfly has a dedicated cryptocurrency team, which “ understands how these protocols work ».

Cryptocurrencies and the blockchain are thus attracting more and more investors. Some were, however, former fervent detractors of bitcoin (BTC). This is the case of the billionaire Ray Dalio, and the hedge fund Bridgewater Associates which he created and which could well be exposed to cryptocurrencies. At the end of March 2022, Bridgewater Associates had approximately $150 billion in assets under management.

Funds flow to cryptos, fundraising is daily! The time of asset manager interest in Bitcoin has come. And you, what are you doing to prepare for the future? Start getting acquainted with this exciting world, and don’t wait any longer for yourself create an account on Binancethe benchmark Bitcoin and crypto exchange (affiliate link).

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