Dragonfly Capital Raises $650 Million Fourth Fund, Early Backer of Polymarket and Rain

BlockBeats News, February 18th, according to Fortune report, crypto venture capital firm Dragonfly Capital announced the completion of a $650 million fourth fundraise. In the current crypto market downturn and industry funding pressure, the fund's successful raise is seen as one of the few counter-trend cases.

Dragonfly partner Rob Hadick stated that the successful fundraising was largely attributed to its forward-looking positioning in the "winner" category, including early investments in prediction market platform Polymarket and stablecoin payment card issuer Rain.

Founded in 2018, Dragonfly was established by Alex Pack and Bo Feng, then went through stages of team restructuring and exiting the Chinese market. In recent years, under the leadership of Haseeb Qureshi and Tom Schmidt, the institution has gradually solidified its position as a top-tier venture capital firm. With the addition of Rob Hadick from a traditional finance background in 2022, Dragonfly's investment focus has further shifted towards the convergence of crypto and fintech.

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

Despite the crypto industry's popularity not matching the AI track, Schmidt emphasized that achieving a trillion-dollar scale from zero for native digital currencies within 10 years is still a long-term structural trend.