DRAGONFLY CAPITAL LAUNCHES $ 225 MILLION CRYPTO FUND
The addition of these new sectors to the Dragonfly fund brings the existing interest in DeFi and NFTs to the table.
The investment services provider company for cryptocurrencies, Dragonfly Capital announced the launch of a new fund for $ 225 million.
That will be used to finance various projects including DeFi, NFT and other initiatives.
That was indicated by the company in a statement published last week, on which it was reported that the fund will be known as Dragonfly II and it planned to invest in four areas:
- Protocols in the decentralized finance sector (DeFi)
- Projects for non-fungible tokens (NFT)
- Business initiatives built on second layer solutions for Ethereum.
- Centralized financial infrastructure (CeFi)
The partners participating in the fund include recognized companies with in the digital currency ecosystem such as OKEx, Huobi, Bitmain and Bybit.
Dragonfly and the rise of DeFi / NFT
Although Dragonfly is a company that has a history in the investment sector within the crypto ecosystem, the incorporation of DeFi and NFT initiatives constitute an expansion to the focus of interest originally managed by the institution.
It should be noted that both ecosystems are currently the main topic of interest. As for DeFi, capitalizing more than $ 40 million in crypto funds available as collateral, it has been gaining a strong boom since last year with a large number of initiatives that have emerged in recent months.
Meanwhile, the NFTs are grabbing the attention of both locals and outsiders to this ecosystem, even appearing within other more traditional business spheres.
As for Dragonfly Capital, the company has been operating since 2018 and its first fund had about $ 100 million. They have invested in more than 35 projects so far, including initiatives such as dYdX, Compound, Maker and StarkWare.