The new vehicle comes as token prices slumped this year and fundraising across crypto ventures has slowed sharply. Bitcoin has lost roughly 46% of its value since its all-time high of more than $126,000 in October of last year, and the crypto downtrend has wiped out more than $1.4 trillion in market cap.#vanar #VanarChain
While market sentiment remains bearish, Qureshi is bullish on crypto's financial use cases, saying the sector "is exploding," while other non-financial use cases are failing. In fact, Dragonfly has increasingly leaned into crypto-financial infrastructure, from stablecoins to tokenization and on-chain payments, reflecting a broader shift away from speculative Web3 applications and toward blockchain-based financial services.
Crypto venture firm Dragonfly Capital completed a $650 million fourth fund, marking one of the largest raises in the sector at a time when many blockchain-focused VCs are struggling, Managing Partner Haseeb Qureshi said.@Vanarchain
“It’s a weird time to celebrate,” Qureshi wrote on a social media post on Tuesday, describing low spirits and “the gloom of a bear market” for crypto. However, he noted that Dragonfly has historically raised capital during downturns, including the 2018 ICO crash and just before the 2022 Terra collapse, 'vintages,' he said, ultimately became the firm’s best performers.#vanar $VANRY
