Dragonfly

Dragonfly is a global venture capital firm established in 2018 that focuses exclusively on the cryptocurrency and decentralized economy. Composed of a team of over 45 professionals, the firm operates from offices in New York City and Singapore. Dragonfly aims to connect leading participants in the decentralized economy, investing in and supporting promising opportunities within the crypto asset class. The firm is recognized for its expertise and deep understanding of the rapidly evolving digital asset landscape.

Rahul Bishnoi

Inestor and Junior Partner at Liquid Fund

Ivan Bogatyy

Research Partner

Lawrence Diao

General Partner

Bo Feng

Managing Partner

Rob Hadick

General Partner

Kevin Hu

General Partner - Head of Liquid Strategies

Omar Kanji

Junior Partner

Sanat Kapur

Junior Partner

Dmitry Lapidus

Junior Partner

Lindsay Lin

COO

Anirudh Pai

Partner

Ryan Phua

Junior Partner and Liquid Strategies

Gengmo Qi

Partner

Haseeb Qureshi

Managing Partner

Ashwin Ramachandran

General Partner

Celia Wan

Junior Partner

Kitty Wang

CFO

Past deals in Finance

Avalanche

Initial Coin Offering in 2024
Avalanche is an open-source platform designed for creating highly decentralized applications, financial primitives, and interoperable blockchains. It serves as a programmable smart contracts platform, enabling institutions, enterprises, and governments to launch assets and build applications. The platform allows users to create subnets with full control over their implementations, incorporating features such as compliance and data security directly into its framework. This versatility and focus on decentralization make Avalanche a robust choice for users seeking to develop innovative blockchain solutions.

Agora

Seed Round in 2024
Agora operates as a digital dollar and an asset platform.

Morph

Seed Round in 2024
Morph is a fully permissionless EVM L2 that uses a combination of optimistic and zero-knowledge rollup technology to open up new possibilities in banking, gaming, social media, and entertainment. Morph is the first Layer 2 on Ethereum to launch with a decentralized sequencer, which aligns with several important web3 concepts, including decentralization, censorship resistance, and security.

Ethena

Seed Round in 2024
Ethena provides derivative infrastructure in order to transform Ethereum into the first crypto-native yield bearing stablecoin.

Ethena

Seed Round in 2023
Ethena provides derivative infrastructure in order to transform Ethereum into the first crypto-native yield bearing stablecoin.

Andrena

Series A in 2023
Andrena, Inc. is a New York-based company that specializes in providing high-speed internet services, primarily targeting universities, hospitals, financial services, and other organizations with significant data requirements. The company develops an internet distribution platform that collaborates with internet providers to utilize existing fiber networks. By deploying a network of antennas, Andrena creates widespread wireless internet access, ensuring that customers and businesses can connect to faster networks at reduced costs. This innovative approach addresses the growing demand for reliable and efficient internet connectivity in data-intensive environments.

Monad

Seed Round in 2023
MONAD is a proof-of-stake (PoS) blockchain and decentralized computation platform that combines the best of performance and portability.

Ejara

Series A in 2022
Ejara is a mobile investment platform tailored for Africa and its diaspora, allowing users to access a variety of investment opportunities, including fractional shares, commodities, and cryptocurrencies. The app leverages blockchain technology to facilitate global trading and investment in diverse financial products. It also offers features such as interest-bearing accounts, enabling users to save and grow their wealth while monitoring their investment performance. By providing a user-friendly interface, Ejara aims to empower individuals to manage their investments effectively and enjoy greater financial independence.

MetaStable

Acquisition in 2022
Manage Crypto Asset Hedge Funds.

Quadrata

Seed Round in 2022
Quadrata is a Passport Network that brings the identity and compliance layer to DeFi across existing public blockchains. The company was founded in 2021 by Lisa Fridman and Fabrice Cheng and is headquartered in Marina Del Rey, California.

Babel Finance

Series B in 2022
Babel Finance is a prominent global cryptocurrency financial institution that caters to high-net-worth individuals and institutional clients. The company offers a range of professional financial services, focusing on three main areas: crypto lending, crypto asset management, and crypto prime financing. Babel Finance provides cryptocurrency deposit and credit facilities, structured asset management, prime brokerage, and derivatives strategies. This comprehensive service suite enables clients to access instant crypto-backed loans and explore new investment opportunities in the evolving digital asset landscape.

Parcl

Venture Round in 2022
Parcl is a blockchain-based platform focused on real estate investment, enabling users to invest in fractional ownership of physical properties by purchasing digital square feet. The platform incorporates advanced data analytics to track real estate price movements, utilizing millions of data points to create precise, city-level real estate indexes. These indexes are updated daily, providing users with timely insights into market trends. By simplifying access to real estate investments, Parcl allows individuals to engage with a diverse portfolio of properties through a single, streamlined transaction.

Ref Finance

Initial Coin Offering in 2022
Ref Finance is a DeFi platform built on NEAR Protocol that costs less than $0.01 for transactions.

Permian Labs

Seed Round in 2022
Permian Labs was founded in 2021 by David Choi, Conor Moore and Ivan Sergeev and has raised $25m in funding from prominent venture capital funds such as DCG, Dragonfly, Ethereal, Metaversal, Nascent, Caladan, Alliance, Delphi, Fintech Collective and others. Since inception, Permian Labs has facilitated $400m in loan volume. Permian’s hardware infrastructure arm, Tactical Compute, actively operates $60m in compute oriented hardware globally.

Vibra

Seed Round in 2021
Vibra is an online crypto-currency application that specializes in investments, blockchain, and funding services.

Parcl

Seed Round in 2021
Parcl is a blockchain-based platform focused on real estate investment, enabling users to invest in fractional ownership of physical properties by purchasing digital square feet. The platform incorporates advanced data analytics to track real estate price movements, utilizing millions of data points to create precise, city-level real estate indexes. These indexes are updated daily, providing users with timely insights into market trends. By simplifying access to real estate investments, Parcl allows individuals to engage with a diverse portfolio of properties through a single, streamlined transaction.

Ava Labs

Initial Coin Offering in 2021
AVA Labs makes it simple to launch finance applications using blockchain technology–with highly scalable and efficient networks, customizable public and private blockchains, the capability to create any digital asset, and more. We are empowering people to build an open, simple, and democratic internet of finance.

Hedgehog

Seed Round in 2021
Hedgehog is a portfolio manager and trading application for crypto currencies. With Hedgehog, users can trade on any exchange, track all their wallets, and learn about cryptocurrency.

Dune Analytics

Series A in 2021
Dune Analytics AS, founded in 2018 by Fredrik Haga and Mats Olsen, is based in Oslo, Norway, and specializes in providing an analytics platform focused on Ethereum blockchain data. The company offers a powerful tool that enables users to query, extract, and visualize extensive amounts of on-chain data. Its software allows anyone to create SQL queries and analyses, instantly transforming results into visual graphs that can be shared within the community. This accessibility makes complex blockchain data consumable for a broad range of users, facilitating insights and research within the crypto space.

Babel Finance

Series A in 2021
Babel Finance is a prominent global cryptocurrency financial institution that caters to high-net-worth individuals and institutional clients. The company offers a range of professional financial services, focusing on three main areas: crypto lending, crypto asset management, and crypto prime financing. Babel Finance provides cryptocurrency deposit and credit facilities, structured asset management, prime brokerage, and derivatives strategies. This comprehensive service suite enables clients to access instant crypto-backed loans and explore new investment opportunities in the evolving digital asset landscape.

Anchor Protocol

Venture Round in 2021
Anchor Protocol is a savings platform that provides crypto natives, fintech companies, and investors a stable, high interest rate finance. The company was founded in 2020 and is headquartered in Seoul, South Korea.

DerivaDEX

Seed Round in 2020
DerivaDEX is a community-governed derivatives exchange designed to enhance performance and autonomy while ensuring the security of a decentralized platform. Built on the Ethereum blockchain, it employs a liquidity-mining token model that empowers users to engage actively in the governance and operations of the exchange. Utilizing an open order book and on-chain settlement for trades, DerivaDEX aims to create a next-generation trading environment. Its native token facilitates user participation and supports the exchange's decentralized structure, combining advanced technology with community oversight.

Paradigm

Seed Round in 2020
Paradigm Connect, doing business as Paradigm, is a zero-fee, liquidity network for crypto derivatives traders across CeFi and DeFi. The platform provides traders with unified access to multi-asset, multi-protocol liquidity on demand without compromising on price, size, cost, and immediacy. The firm’s mission is to create a platform where traders can trade anything, with anyone and settle it anywhere. Paradigm has the largest network of institutional counterparties in crypto with over 1,000 institutional clients trading over $10B per month, including Hedge Funds, OTC Desks, Lenders, Structured Product Issuers, Market Makers, and prominent Family Offices.

Ava Labs

Initial Coin Offering in 2020
AVA Labs makes it simple to launch finance applications using blockchain technology–with highly scalable and efficient networks, customizable public and private blockchains, the capability to create any digital asset, and more. We are empowering people to build an open, simple, and democratic internet of finance.

Coin Metrics

Series A in 2020
Coin Metrics Inc. is a provider of blockchain and cryptocurrency data, offering comprehensive market and network analytics to various industries. The company delivers a range of services, including the CM Network Data Pro, which provides historical crypto network data aggregated daily for prominent assets, and the CM Market Data Feed, which standardizes trade, candle, and order book data across multiple exchanges. Additionally, Coin Metrics offers CM Reference Rates, which provide fixed pricing for various assets quoted in U.S. dollars. Founded in 2017 and based in Cambridge, Massachusetts, Coin Metrics aims to empower institutions and individuals to make informed decisions regarding crypto assets by providing transparent and actionable data analytics.

Babel Finance

Venture Round in 2020
Babel Finance is a prominent global cryptocurrency financial institution that caters to high-net-worth individuals and institutional clients. The company offers a range of professional financial services, focusing on three main areas: crypto lending, crypto asset management, and crypto prime financing. Babel Finance provides cryptocurrency deposit and credit facilities, structured asset management, prime brokerage, and derivatives strategies. This comprehensive service suite enables clients to access instant crypto-backed loans and explore new investment opportunities in the evolving digital asset landscape.

Amber Group

Series A in 2020
Amber Group is a cryptocurrency financial services provider based in Hong Kong, established in 2017 by finance professionals from leading institutions. The company offers a range of services including liquidity provision, trading, asset management, yield enhancement, collateralized lending, decentralized finance, and electronic market making. Operating globally, Amber Group serves over 200 institutional clients and has facilitated cumulative trading exceeding $200 billion across numerous electronic exchanges, with an average daily trading volume of $100-200 million. The company is dedicated to enhancing client experiences by leveraging advanced technology and quantitative research, aiming to optimize investment flexibility and maximize returns. Amber Group has also raised significant capital to support its growth and innovation in the cryptocurrency space.

MakerDAO

Venture Round in 2019
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR. Founded in 2014, the company is headquartered in Santa Cruz, California.

Tagomi

Venture Round in 2019
Tagomi is a cryptocurrency trading platform that focuses on enhancing trade execution for its clients, allowing them to retain a greater portion of their returns. The platform employs advanced routing techniques and execution algorithms to analyze both real-time and historical data, which aids in determining optimal trading strategies. This approach not only facilitates access to priced liquidity and low commissions but also aims to minimize trading costs. By leveraging sophisticated technology, Tagomi strives to deliver improved trading outcomes for its users.

ParaFi Capital

Corporate Round in 2018
ParaFi Capital is an alternative asset management and technology firm based in San Francisco, California. Founded in 2018, it focuses on liquid and venture investment strategies within the digital asset ecosystem, including companies in fintech and blockchain. As one of the earliest institutional investors in the blockchain industry, ParaFi has established itself as a trusted partner for leading global institutions. The firm aims to leverage its expertise to identify and support innovative companies operating in this rapidly evolving sector.

dYdX

Series A in 2018
dYdX is a decentralized exchange that provides traders with a secure and efficient platform for various financial activities. Established in 2017 by Antonio Juliano, a former engineer at Coinbase and Uber, dYdX operates on audited smart contracts on Ethereum, ensuring transparency and security without relying on a central authority. The platform offers a range of trading options, including perpetual, margin, and spot trading, along with borrowing and lending pools. Users can earn interest on deposits or take loans at nominal fees, enabling them to trade on margin with customized leverage. dYdX aims to create an open financial system, granting users access to vital financial tools while facilitating fully collateralized loans for short-selling.

Lumina

Seed Round in 2018
The operating system for digital assets. Confidently navigate the fragmented digital assets landscape with the most comprehensive crypto-native financial platform. Lumina is trusted by leading investment funds, enterprises, and professionals who demand an institutional-grade solution.
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