Crypto venture capital firm Dragonfly buys hedge fund MetaStable Capital

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Venture capital firm Dragonfly has acquired MetaStable Capital, one of the oldest crypto investment funds, for an undisclosed amount, Dragonfly said in a post on Medium.

  • MetaStable, which launched in 2014 and once counted Dragonfly managing partner Haseeb Qureshi among its general partners, had more than $400 million in assets under management as of July 31, according to Bloomberg, which originally reported on the news. acquisition.

  • MetaStable was an early investor in Ethereum, blockchain network Cosmos, and blockchain scalability company StarkWare, to name a few.

  • Dragonfly also dropped the “Capital” from its name and adopted a new logo as part of a rebrand to lean on its crypto focus.

  • “It’s hard to build the future when you look like the past,” Qureshi wrote in the Medium post. “That’s why we’re changing the look and feel of Dragonfly. We’re removing the ‘Capital’ from our name, and our new look is more crypto-native, inspired by hackers and weirdos (we say with love!) who built this industry from nothing.”

  • Founded in 2018, Dragonfly’s investment portfolio includes smart contract platform Avalanche, layer-1 blockchain platform Near Protocol, DAI token creator MakerDAO, and zkSync creator Matter Labs, among others.

  • In April, Dragonfly raised $650 million for its third crypto fund.

Read more: Dragonfly Capital Leads $7.5M Round for Quadrata ID Passport

UPDATE (17:30 UTC): Updated with information from Dragonfly’s Medium post, removed “Report” from title.

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