Venture capital firm Dragonfly Capital is aiming to raise $500 million for its fourth crypto fund, according to a Bloomberg report from September 17.
The fund has already secured $250 million, reaching the halfway point of its goal. The firm anticipates completing the fundraising by early 2025.
The new fund will target early-stage investments in cryptocurrency and blockchain projects. Dragonfly has previously invested in over 100 digital asset ventures, including Ethena, Andrena, Cosmos, and Monad Labs. Its third fund, closed in 2022, was valued at $650 million.
The rise in venture capital activity in the crypto sector reflects a broader trend, spurred by the January approval of Bitcoin exchange-traded funds (ETFs) in the U.S. Pantera Capital is also raising $1 billion for its Pantera Fund V, targeting a wide range of blockchain assets.
Paradigm, another major player, recently secured $850 million for its third fund, which will invest in early-stage blockchain projects, following its $2.5 billion fund raised in 2021.
The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
DZ Bank, Germany’s second-largest financial institution, has teamed up with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks.
Charles Hoskinson, founder of Cardano, will meet with Argentina’s President Javier Milei in October to discuss blockchain’s role in shaping future economies.
Binance has seen a sharp rise in interest from institutional and corporate investors, with a 40% increase in participation this year, according to CEO Richard Teng.