TechFlow News, February 18: According to Fortune, blockchain venture capital firm Dragonfly Capital has announced the successful closing of its fourth fund, raising $650 million. General Partner Rob Hadick stated that the key driver behind this fundraising success was the firm’s timely investments in leading projects across multiple niche sectors—including prediction market platform Polymarket and stablecoin debit card issuer Rain.
Partner Tom Schmidt noted that the crypto industry is undergoing “the largest fundamental shift” it has seen since its inception: previously, crypto VCs primarily relied on native token-based application models for returns, whereas the market’s focus is now rapidly pivoting toward tokenized forms representing real-world assets such as equities and private credit. He also emphasized that although crypto’s luster has somewhat faded, the broader narrative—digital internet money growing from zero to a trillion-dollar market within a decade—remains an even more compelling story worth watching.
Founded in 2018 by Alex Pack and Bo Feng, Dragonfly endured early turbulence, including partner splits and its exit from the Chinese market. Under the leadership of Haseeb Qureshi and Tom Schmidt, the firm gradually established itself as an industry leader. After Rob Hadick joined from traditional finance in 2022, Dragonfly began systematically shifting toward the convergence of crypto and fintech—and firmly backed the thesis that crypto assets will become mainstream within Wall Street’s financial infrastructure.
