Crypto fund DragonFly Capital disclosed the launch of $225 million funds to invest in projects across the crypto industry. Following the success of 2018, where the original $100 million funds Kickstarter, the DragonFly Fund II will target four potential areas. Namely, decentralized finance (DeFi) protocols, Ethereum Layer 2-based businesses, Non-Fungible Token (NFT) projects, and Centralized Finance (CeFi) platforms. DragonFly Capital Fund is Exploring New Opportunities Most of DragonFly Capital’s past investments are from the DeFi space. The San Francisco-based venture capital fund has been early backers of notable projects such as ByBit, Compound, Celo, and Maker, among others. Looking at the continuously evolving crypto space, it is clear that the fund is exploring new opportunities. DragonFly Capital repeated that these emerging spaces have the potential to become an “important component of the digital future.” Non-fungible tokens have been all the rage this year. Crypto-space is rallying to record highs as the industry is gaining mass-popularity as cryptos. The venture capital acknowledged the risk of betting on volatile, “frothy” spaces like NFTs. Riding on the fresh NFT wave, digital marketplace OpenSea raised $23 million in Series C funding earlier this month. Venture capital giant Sequoia will back the fund as a strategic limited partner, alongside OKEx, Huobi, Bitmain, and Bybit. Haseeb Qureshi, managing partner at DragonFly Capital said: “Together with many of the technology and cultural leaders from US technology firms and VCs, we’re in an incredible position to help unite and push the crypto movement forward.” DragonFly Investment in Multiple Projects Founded in 2018, DragonFly had raised $100 million for its first fund. Presently, the firm has invested in more than 35 projects, including dYdX, Compound, Maker, and StarkWare. DragonFly operates from Beijing and San Francisco and is currently looking to hire people in Singapore as well. The firm has a total of five jobs open, including a chief operating officer to be employed either in Singapore or the U.S.
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