Dragonfly Capital, which announced in a Medium post on Monday that Christensen was joining the firm as a venture partner, has enlisted MakerDAO creator Rune Christensen as a partner.
MakerDAO is one of the first decentralized autonomous organizations (DAOs) based on the Ethereum blockchain. It ranks second in the amount of value locked up in its smart contracts, with $19.3 billion, according to data site DeFi Llama.
With an estimated market cap of $8.5 billion, DAI, the project’s U.S. dollar-pegged stablecoin, ranks fourth among such tokens.
With $100 million under management, Dragonfly Capital was launched in 2018 and aims to bridge U.S. and Asian investments with an emphasis on cryptocurrencies, new protocols, and startups.
In addition to developing the state of the decentralized economy and supporting the ecosystem of entrepreneurs, Rune has been a pioneer pushing the boundaries of DeFi, DAO governance, and protocol security. Dragonfly is honored to have him as a collaborator to further the state of the decentralized economy, explained Dragonfly Capital’s Managing Partner Haseeb Qureshi in an announcement.
Among the companies Dragonfly has invested in are 1inch, Compound, and Tagomi, the latter of which was acquired by Coinbase.
As of November 10, The Block’s Data Dashboard shows that total supply of DAI in the market grew alongside the broader market for stablecoins. As of November 10, total supply stood at $8.9 billion.
Investment firms are hiring and launching new funds as the venture capital market heats up.
A16z announced the launch of its Crypto Fund III to invest in the next wave of computing innovation that will be driven by crypto on Monday. Paradigm launched its latest $2.5 billion venture fund in June.
According to data compiled by The Block Research, crypto firms have raised more than $21 billion through venture capital funding deals.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
