Investment firm Dragonfly has acquired and rebranded cryptocurrency hedge fund MetaStable Capital.
Meet the new face of Dragonfly: https://t.co/APaXxUtLmv
GM, everyone. gr.
— Dragonfly ᐳ｜ᐸ (@dragonfly_xyz) 15 August 2022
The amount of the transaction was not disclosed. Dragonfly Managing Partner Hasib Qureshi told Bloomberg that the acquisition was driven by the firm’s desire to “go even deeper” into the digital assets industry.
“Metastable is one of the oldest funds in the history of cryptocurrencies, co-founded by Naval Ravikant in 2014. He was among the early investors in Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity and Algorand.”
Against this background, Dragonfly rebranded: it removed the word “Capital” from its name and updated the logo. The company also moved the site to a new domain.
Dragonfly has previously invested in projects like Debt DAO, Hashflow, MakerDAO, 1inch and more.
In March 2021, the company launched a $225 million fund with Sequoia China to invest in NFTs and DeFi.
Recall that Dragonfly opened a new venture structure with $650 million in spring 2022 focused on Web3.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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