Despite the bearish market, a significant number of investors are still excited about the prospect of digital assets—so much so that a new cryptocurrency-focused venture capital firm has today revealed a 100 million dollar fund established purely for cryptocurrency investments.

Known as Dragonfly Capital Partners, its investors are made up of big-industry names such as Okex and Bitmain. According to News.Bitcoin.com, Dragonfly Capital will focus on three different asset types: “pick-and-shovel” tech startups, crypto-native funds, and decentralized protocols and applications.

The initial portfolio houses more than 20 investments, including but not limited to “cryptofunds and asset managers, the stablecoin Basis, Spacemesh and Oasis Labs.”

The firm was founded by two industry experts: Alexander Pack and Bo Feng. Feng previously founded Ceyuan Ventures and is currently the largest investor in Okex alongside other groups. Pack has managed additional crypto funds such as Bain Capital Ventures and was also a general partner investor in Polychain Capital.

Pack commented on the announcement:

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

Supposedly, Dragonfly has discovered a way to “bridge the gap between East and West in the crypto economy.” This claim has garnered much investor attention from both the United States and Asia. A few American investors include Salil Deshpande of Bain Capital Ventures, Marc Andreessen and Chris Dixon of A16Z, and Cyan Banister of Founders Fund. Some top Asian investors include Neil Shen, head of Sequoia China, Eric Xu a founder of Baidu, and Bob Xiaoping Xu, a founding partner of Zhenfund.

Feng was one of the first to brave venture investments on the internet. He believes that the cryptocurrency space may be “bigger than the internet and more global.” The investor sees as much in the crypto space now as he did in the early internet, which explains his deep interest in digital asset investments.

“We take an ecosystem approach, investing in fund managers around the world,” says Feng. He continues, stating that Dragonfly is “connecting the top technologists from the West to the largest crypto companies and user bases in Asia.”

The post Dragonfly Capital Partners Reveals $100 Million Fund for Crypto Startups appeared first on UNHASHED.

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