Dragonfly Ventures is the latest investment block and it sprouted due to a partnership between Alexander Pack of Bain Capital Ventures and Bo Feng, Ceyuan Ventures’s founding partner.
Pack reported in an interview with Bitcoin Magazine that
“We come at crypto as generalist venture capitalists who have been investing in internet technology for decades. With Dragonfly, we have decided to go all-in on crypto, because we believe that crypto is the most interesting tech trend today by far.” He Added.
“The ability to use technology to redefine fundamental social constructs like money, value, and how value is exchanged across borders, is a once in a century opportunity that could be bigger than the internet.”
Pack has a history of investing in crypto and blockchain, but at this point, it seems that he is looking to create a fund solely for the purpose of cryptocurrency. He has described Dragonfly as “a fully unconstrained venture fund for the crypto asset class, investing globally and across all asset types. We even invest significantly in other cryptofunds, as well as make direct investments in tokens and startups.”
Dragonfly has attracted several investors from around the globe, which means that to some, the platform has merit.
The platform is currently headquartered in San Francisco and Beijing. It’s founders have identified a new market opportunity that bridges the gap between the east and west. Bo Feng, the platform’s managing partner, has experience at Ceyuan Ventures and he has also successfully launched his own high-tech investment back with a partner. As he explained,
“I see a parallel between the internet boom in the 90s and the current cryptocurrency market opportunity. The crypto revolution may be even bigger than the internet and more global.” Feng also discussed that Dragonfly has an “ecosystem approach,”
when it comes to connecting top technologists from the west to investment fund managers worldwide. Feng continued,
“We have a unique opportunity to back and bring together the leading participants in the decentralized economy – from fund managers to token project managers, from Beijing to San Francisco to Berlin.”
The platform plans to launch a portfolio that includes 20 investments from technology-driven crypto funds and asset managers, decentralized financial infrastructure, and foundational protocols. Research group Diar released a report that identified a new trend among investors. The report indicates that investors raised about $3.9 billion in investment during the first three quarters of 2018. The report also shows that there has been an increase in investment deals since the last year.
Concerning investment, Pack eplained,
“We invest in any market condition and actually are investing at a faster pace during this downturn than we anticipated, since in our opinion the quality of projects and founders has never been higher.” He continued:
We have three thesis that guide our investment philosophy: that the decentralized economy will take trillion dollar bites out of the centralized economy, that pick-and-shovel tech startups will emerge as bridges between the decentralized and centralized economies, and that crypto assets will one day be the most liquid and traded financial assets in the world.
Today, large barriers prevent mainstream and institutional users from joining the decentralized economy. We are investing heavily in teams that are breaking down those barriers, such as institutional-grade trading infrastructure and general scaling solutions. We look forward to those launching and gaining traction in the next year.