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.
Sam Altman’s Worldcoin project continues to gain global traction, recently expanding its World ID verification system to Poland.
Binance has confirmed the leak of its upcoming Telegram mini-app game, Moonbix, ahead of its official launch.
Silvergate Capital Corporation, the parent entity of Silvergate Bank, has entered Chapter 11 bankruptcy proceedings in Delaware.
A new digital asset exchange called TrueX is set to launch, backed by a team of former Coinbase executives and utilizing PayPal’s stablecoin for transactions.