Investment firm Dragonfly Capital has launched a venture fund with $225 million in capital, with Sequoia China participating as a limited strategic partner.
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The fund is prepared to invest in projects across non-fungible tokens (NFTs), centralized finance (CeFi) and decentralized finance (DeFi), as well as Layer-2 solutions for scaling the Ethereum network.
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According to Dragonfly Capital managing partner Haseeb Qureshi, the fund will back the next generation of crypto entrepreneurs.
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The firm has struck partnerships with crypto exchanges OKEx, Huobi, Bybit and the mining equipment maker Bitmain.
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Earlier, the Ethereum network scaling solutions developer, Israeli startup StarkWare, closed a Series B for $75 million.
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As reported, the social media platform Nifty’s attracted investments from billionaire Mark Cuban and Ethereum co-founder Joseph Lubin.
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