Digital asset venture capital firm Dragonfly has acquired cryptocurrency investment fund MetaStable Capital, according to Bloomberg.
MetaStable Capital is a long-term value investing crypto asset hedge fund with over $400 million in assets under management as of July 31.
This company has invested in Ethereum, Avalanche, Cosmos, Starkware, NEAR and Algorand.
The exact amount of the acquisition was not disclosed to the official. Dragonfly added that the acquisition was rebranding, renaming it MetaStable, dropping “Capital”, and using a new logo.
Qureshi, a former partner at MetaStable, said that:
“The bear market has caused a lot of traditional funds and crossover funds to exit the crypto market. We’re the opposite: we’re going deeper, and committing to our crypto-native roots.”
By 2022, $17 billion in VC cryptocurrencies and +1k deals have flowed into the crypto market. This year has the highest median deal size, with the highest funding raised at $4.5 million.
Qureshi explained that DragonFly Capital has grown much from its previous size and believes that traditional VCs will eventually return.
Recently, DragonFly Capital launched a $650 million venture capital fund to continue investing in the broader digital currency ecosystem.
In early August, Dragonfly Capital completed a $3.5 million seed round of funding for the encrypted credit protocol Debt DAO.
In May, Dragonfly Capital closed its third venture capital fund with an oversubscribed $650 million. The investment firm lists DeFi, DAOs, NFTs, and scaling smart contracts as its main focus areas.
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