Oct 9, 2018

Dragonfly Ventures is raising $100 million for a cryptocurrency fund

Illustration: Rebecca Zisser / Axios

Dragonfly Ventures is raising a $100 million fund focused on cryptocurrency and blockchain investments, having already held a first close and deployed $20 million.

The plan: Co-founders Alex Pack, who previously led cryptocurrency investing for Bain Capital Ventures, and Bo Feng, often credited with helping bring Silicon Valley’s VC style to China, will invest in Western companies that have users or appeal in Asia.

“The biggest users of crypto are in Asia, not the U.S.,” Pack tells Axios, adding that it's because they can help facilitate services like banking that are harder to access outside the U.S. and Europe.

  • Similar to Bain’s"all of the above" strategy under Pack, Dragonfly will invest in other cryptocurrency funds, protocols, applications (via tokens or promises of future tokens), and startup equity.
  • Dragonfly's limited partners include Marc Andreessen and Chris Dixon (A16Z), Salil Deshpande (Bain Capital Ventures), Cyan Banister (Founders Fund), Olaf Carlson-Wee (Polychain Capital), Neil Shen (Sequoia China), Eric Xu (Baidu founder), Bob Xiaoping Xu (Zhenfund), Zhang Tao (Meituan-Danping), and Bao Fan (China Renaissance Bank CEO).

Go deeper: Why VCs are tapping into the cryptocurrency boom

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 1,579,690 — Total deaths: 94,567 — Total recoveries: 346,780Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 452,582 — Total deaths: 16,129 — Total recoveries: 24,790Map.
  3. Public health latest: U.S. has expelled thousands of migrants under coronavirus public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  4. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — Another 6.6 million jobless claims were filed last week.
  5. World latest: Boris Johnson is moved out of ICU but remains in hospital with coronavirus.
  6. In Congress: Senate in stalemate over additional funding for small business relief program.
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Biden rolls out new policies in effort to court Sanders supporters

Photo: Scott Olson/Getty Images

The Biden campaign announced two new policies on Thursday on health care and student debt that are squarely aimed at appealing to supporters of Bernie Sanders, who ended his campaign for the Democratic nomination on Wednesday.

Why it matters: The policies don't go as far as Sanders' platform, but they signal that Biden is serious about incorporating elements of his former rival's agenda in an effort to help unify the Democratic Party and defeat President Trump in the general election.

Reports: Saudi Arabia and Russia reach major deal to cut oil production

Photo: Joe Klamar/AFP via Getty Images

OPEC+, led by mega-producers Saudi Arabia and Russia, reached a tentative agreement Thursday to impose large cuts in oil production as the coronavirus pandemic fuels an unprecedented collapse in demand, per Bloomberg and Reuters.

Why it matters: The revival of the OPEC+ collaboration patches up the early March rupture between the countries, which had pushed already depressed prices down much further by threatening to unleash even more new supplies into the saturated market.