California-based crypto venture company Dragonfly Capital established another fund valued at $225 M to invest in various crypto-related undertakings.
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In a post published on March 26, the company mentioned it considers mainly investing in four sectors: DeFi networks, NFT market, Ethereum Layer 2 upgrades, and enterprises created on top of them; and CeFi workframe.The financing is backed by venture capital Sequoia China, software entity Bitmain, and cryptocurrency trading networks including OKEx, Huobi, and Bybit. According to the associate director at Dragonfly Capital, Haseeb Qureshi the company aims to bring together and develop the crypto industry.
Dragonfly was established in 2018. In terms of its primary fund, the company boosted $100 M. Since then the firm has contributed to over 35 businesses. Among them were dYdX, Compound, and Maker.
Currently, Dragonfly team is looking to expand the staff, particularly hire specialists to join the research and investment team and also people who have experience with fund operations.
DeFi is a much-talked sector. Tesla CEO Elon Musk who frequently tweets about the crypto sphere wrote about DeFi on March 25. The short post says "Don't defy DeFi".