Dragonfly Capital launches new $225 million fund to invest in DeFi, NFT, and more projects

Crypto venture firm Dragonfly Capital has launched a new fund worth $225 million to invest in a variety of projects.

The Dragonfly Fund II looks to mainly invest in four areas: Decentralized finance (DeFi) protocols; non-fungible token (NFT) projects; Ethereum Layer 2 solutions and businesses built on top of them; and centralized financial (CeFi) infrastructure.

Sequoia China has backed the fund as a strategic limited partner, and other partners in the fund include OKEx, Huobi, Bitmain, and Bybit.

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"Together with many of the technology and cultural leaders from US technology firms and VCs, we’re in an incredible position to help unite and push the crypto movement forward," said Haseeb Qureshi, managing partner at Dragonfly Capital.

Dragonfly was founded in 2018 and raised $100 million for its first fund. To date, the firm has invested in more than 35 projects, including dYdX, Compound, Maker, and StarkWare, as The Block Research reported late last year.

Dragonfly operates from Beijing and San Francisco and is currently looking to hire people in Singapore as well. The firm has a total of five jobs open, including a chief operating officer to be employed either in Singapore or the U.S.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication Coin