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

15 mins ago - Technology

Epic sues Apple over developer tax as Fortnite is pulled from App Store

Illustration: Sarah Grillo/Axios

Fortnite maker Epic Games on Thursday escalated its battle over Apple's App Store tactics, suing the tech giant over antitrust claims while also baiting Apple into dropping Fortnite from the App Store.

The big picture: Epic is just one of several developers clashing with Apple. They argue the company harms competition by taking a cut of up to 30% on in-app purchases and subscriptions and blocking most developers from getting around the tax by charging their users directly.

Biden calls for 3-month national mask mandate: "Be a patriot"

Joe Biden called on governors to issue a three-month mandatory outdoor mask mandate on Thursday, telling reporters after receiving a coronavirus briefing that experts say it could save over 40,000 lives.

Why it matters: Biden was more aggressive and specific than he has been in previous calls to wear a mask, arguing that it will allow children to return to school sooner, businesses to reopen and help "get our country back on track."

McConnell announces Senate will adjourn until Sept. 8

Photo: Nicholas Kamm/AFP/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) announced Thursday that the Senate will not hold any more votes until Sept. 8, though members will remain on 24-hour notice in case a coronavirus stimulus deal is reached.

Why it matters: With millions of Americans unemployed, the Trump administration and Democrats remain hopelessly deadlocked and unlikely to reach a deal any time soon.