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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

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.

Updated 57 mins ago - Sports

Ex-USA Gymnastics coach dies by suicide after being charged with human trafficking

John Geddert. Photo: AFP via Getty Images

The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.