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August 17, 2022

Dragonfly snaps up hedge fund MetaStable Capital

Crypto Venture firm Dragonfly has purchased cryptocurrency-focused investment fund MetaStable Capital for an undisclosed amount.

Jointly founded in 2014 by Naval Ravikant, MetaStable is one of the oldest crypto hedge funds.

The company became an early investor into a number of digital-asset blockchain projects including Ethereum as well as smart contracts platform Avalanche, blockchain network Cosmos and others.

The firm also invested in blockchain scalability firm StarkWare and layer one blockchain platform Near Protocol, among others.

Until July 31 this year, MetaStable, which is supported by various Silicon Valley venture capital firms, supervised more than $400m assets under management, reported Bloomberg.

Following the acquisition, Dragonfly has rebranded the firm by dropping Capital from its name. A new logo has also been unveiled.

In a blog, Dragonfly managing partner Haseeb Qureshi said: “First, our global approach, because crypto is not like web2. It’s been a fundamentally global phenomenon from day one. Users, talent, community, and capital are fused together from all over the world, and our global DNA reflects that as well.

“Second, our deep technical experience, because crypto is driven forward by technological breakthroughs.

“An investment approach that doesn’t understand the underlying technology is always going to be shallow. That’s why much of our team is composed of technologists, hackers, and researchers.”

Last month, Dragonfly announced the expansion of its crypto investment solutions by adding a new liquid platform.

The company introduced its first liquid crypto fund in June last year. Kevin Hu, Ashwin Ramachandran, and Lawrence Diao are managing the fund, stated the company.

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