A young Silicon Valley crypto leader and an expert Chinese VC are collaborating for a new $100 million fund to help crypto startups and funds bridge the two key markets. As it stands, digital asset wallets have gained popularity especially in Asia; numerous retailers have started to receive payments in crypto coins within the region. It is planning to raise $100 Million VC Fund to assist crypto startups bridge China and Silicon Valley. Founders Alexander Pack and Bo Feng will look to capitalize in a mix of crypto-first funds, protocols and applications.
Dragonfly’s founders are banking on Asia ongoing to be one of the maximum, if not the only most, important markets for crypto use cases, particularly in monetary applications. They organized the fund to function “unrestrained, without the types of limitations on what kind of companies or coins to back that can limit larger, more recognized companies.
Dragonfly’s investors include global blockchain companies, such as OKEx, one of the major cryptocurrency exchanges, and the mining company Bitmain, the largest blockchain company in the world. The firm has attracted top technology founders and investors from across the U.S. and Asia, as stated in Forbes.
Pack being an advisor to Bain Capital Ventures has originated BCV’s system capitalizing practice to invest in crypto and other investment funds. Pack led 25 deals at Bain Capital, Previously, Pack was a partner at AngelList and a general partner investor in Polychain Capital, the largest U.S. crypto fund. As per Venture Beat, Pack led 25 deals at Bain Capital, such as Basis, a price-stable cryptocurrency that has gone on to raise more than $130 million.
According to the Dragonfly Partners, it has many decades of early-stage venture experience, including many years of investing in crypto startup companies across the U.S. and Asia, which aids the firm to look out and gauge the important teams and knowhow.
The post Dragonfly Capital Partners Raises $100 Million Fund To Help Crypto Startups appeared first on OWLT Market.
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