• Crypto venture capital firm Dragonfly raises $650 million despite ‘gloom of a bear market’ The firm’s fourth fund positions it alongside a16z and Paradigm even as blockchain VC fundraising contracts and investors pivot toward stablecoins and tokenized finance. • What to know: Dragonfly Capital has closed a $650 million fourth fund, one of the largest recent crypto venture capital raises despite a prolonged industry downturn. • Managing partner Haseeb Qureshi said the firm is doubling down on financial use cases such as stablecoins, decentralized finance, and prediction markets, while declaring that “non-financial crypto has failed.” The raise comes as federal prosecutors weigh potential criminal charges against certain Dragonfly employees over the firm’s 2020 Tornado Cash investment, even as Dragonfly expands its U.S. • presence alongside major crypto investors. • Crypto venture firm Dragonfly Capital completed a $650 million fourth fund, marking one of the largest raises in the sector at a time when many blockchain-focused VCs are struggling, Managing Partner Haseeb Qureshi said. • “It’s a weird time to celebrate,” Qureshi wrote on a social media poston Tuesday, describing low spirits and “the gloom of a bear market” for crypto.
Article Summaries:
- Crypto venture capital firm Dragonfly raises $650 million despite ‘gloom of a bear market’ The firm’s fourth fund positions it alongside a16z and Paradigm even as blockchain VC fundraising contracts and investors pivot toward stablecoins and tokenized finance. What to know: - Dragonfly Capital has closed a $650 million fourth fund, one of the largest recent crypto venture capital raises despite a prolonged industry downturn. - Managing partner Haseeb Qureshi said the firm is doubling down on financial use cases such as stablecoins, decentralized finance, and prediction markets, while declaring
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