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Dragonfly Capital Partners Invest $100M in Crypto Startups

New crypto-focused venture capital firm, Dragonfly Capital Partners has announced the launch of its 1st $100M fund dedicated to investments in crypto assets. Its investors include Okex, Bitmain and other well-known names in the industry.

Meet Dragonfly Capital Partners

The founding team is led by managing partners Alexander Pack and Bo Feng. Pack previously managed crypto and fund investing for Bain Capital Ventures and was a general partner investor in Polychain Capital. Feng is the founding partner of Ceyuan Ventures and the largest investor in Okex, among many other ventures. Dragonfly promises to invest in three types of assets: crypto-native funds, “pick-and-shovel” tech startups and decentralized protocols and applications. It launches with a portfolio of more than 20 investments, including cryptofunds and asset managers, the stablecoin Basis, Spacemesh and Oasis Labs.

Throughout our years of investing in crypto at our respective VC firms, we realized how hard it is for incumbent investment firms to take part in this tech trend. That’s why we launched a crypto-dedicated fund and why we invest in other cryptofunds. A new asset class calls for a new variety of asset manager. The issue is that crypto isn’t just a new technology but a new tech-driven asset class, something we haven’t witnessed in decades.

Bringing East and West Together

Dragonfly claims to have identified a market opportunity to bridge the gap between East and West in the crypto economy and thus has attracted investors from throughout the US and Asia. American investors include Salil Deshpande (Bain Capital Ventures), Marc Andreessen and Chris Dixon (A16Z), Cyan Banister (Founders Fund) and Olaf Carlson-Wee (Polychain Capital). Asian investors include Neil Shen (head of Sequoia China), Eric Xu (founder of Baidu), Bob Xiaoping Xu (founding partner of Zhenfund), Zhang Tao (chairman and founder of Meituan-Danping), Bao Fan (founder and CEO of China Renaissance Bank), Cai Wensheng (founder and chairman of Meitu), Justin Tang (founder and CEO of X Financial, elong), JP Gan (Qiming Venture Partners), and Annie Xu (head and general manager of Alibaba US).

Feng, who was one of the first venture investors on the internet said: I see a parallel between the internet boom in the 90s and the current cryptocurrency market opportunity. The crypto revolution may be even bigger than the internet and more global. We take an ecosystem approach, investing in fund managers around the world and connecting the top technologists from the West to the largest crypto companies and user bases in Asia.

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