Dragonfly Capital Closes $650 Million Fourth Fund, Early Bets on Polymarket and Rain

BlockBeats News, February 18th. According to Fortune, cryptocurrency venture capital firm Dragonfly Capital has announced the completion of a $650 million fourth fundraise. Against the backdrop of the current cryptocurrency market downturn and industry funding pressures, this fundraise success is seen as one of the few counter-trend cases.

Dragonfly Partner Rob Hadick stated that the successful completion of this fundraising round was largely due to its forward-looking positioning in the "winner" category, including early investments in projects such as the prediction market platform Polymarket and stablecoin payment card issuer Rain.

Founded in 2018 by Alex Pack and Bo Feng, Dragonfly went through stages such as team adjustments and exiting the Chinese market. In recent years, under the leadership of Haseeb Qureshi and Tom Schmidt, the institution has gradually established a leading position in the industry. With the addition of Rob Hadick from a traditional finance background in 2022, Dragonfly's investment focus has further shifted towards the integration of cryptocurrency and financial technology.

Tom Schmidt pointed out that the cryptocurrency industry is undergoing the "largest paradigm shift" where the future form of tokens will transition from application-native tokens to tokenized products representing real-world assets (RWA), such as stocks and private equity fund shares.

Despite the cryptocurrency industry's popularity lagging behind the AI sector, Schmidt emphasized that the digital native currency's growth from zero to a trillion-dollar market cap within 10 years remains a long-term structural trend.