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

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Photo: Michael Reynolds/Pool/AFP via Getty Images

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