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- Dragonfly Capital expanded during repeated crypto crises.
- The firm shifted focus from Web3 ideals to core financial systems.
- A new $650 million fund signals long-term conviction in crypto finance.
According to the report, Rob Hadick joined Dragonfly Capital in April 2022 during a forced break from work. A contract with his former employer required six months away from investing. He rented a house in the Hamptons and expected calm days. The calm ended fast as crypto markets demanded immediate attention.
The crypto market collapsed weeks later. The failure of Terra Luna triggered panic across digital assets. Prices fell hard. Confidence vanished. Hadick followed the chaos online while markets unraveled. The timing tested his resolve.
It did not change his path. By November, his break ended. Another shock arrived. FTX collapsed and shook trust again. Hadick still moved forward. Dragonfly had capital ready. The firm chose action over retreat.
Dragonfly Rises to Top-Tier Crypto Venture During Market Fear
Dragonfly’s third fund deployed capital during fear. That decision reshaped the firm. The fund lifted Dragonfly into the top tier of crypto venture groups. It began to rival Andreessen Horowitz and Paradigm.
The firm backed projects that later defined a new cycle.
These included Polymarket and Ethena. Each focused on financial utility, not hype. As markets cooled again, Dragonfly announced a fourth fund worth $650 million. The move showed confidence during a downturn.
Internal stability mattered. The firm endured a founder split and regulatory attention. It also reduced exposure to China after a national crackdown on crypto. Operations shifted to Singapore. The Asia presence stayed lean but active.
Dragonfly leadership brought varied strengths. Hadick bridged traditional finance and crypto. Others specialized in technical design, global ties, and market analysis. Together, they pushed a clear thesis.
Crypto Moves from Games and Social Apps to Real Finance
Crypto would merge with finance. The company had to change their focus from consumer experiments and token ideas. The new focus was on payments, trading, yield, and infrastructure. Ethena had to align with this new vision.
They had to create a synthetic dollar with yield. Many investors were unable to invest in it due to their past failures in stablecoins. Dragonfly had to invest in the early funding round. The investment was successful as the company grew quickly.
The crypto space had to change their focus from social networks and games to banks, brokers, and funds. This is in line with Dragonfly’s expertise. The tokens are now backed by real assets instead of ideology. The finance world now faces slow deals and conservative investors.
Dragonfly is now prepared to act. The new fund now has the scale and time required to guide the next phase of blockchain finance. They now speak in simple terms and invest in a disciplined manner. In the current noisy world, they stand out.
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