A enterprise capital agency centered on cryptocurrencies, web3 and blockchain startups has raised its third funding fund of $650 million.
Dragonfly Capital raised earlier funds in 2018 and 2021 of $100m and $225m respectively.
Based mostly in San Francisco, it has backed virtually 60 firms to this point together with Avalanche, a lightning-quick verifiable platform for establishments, enterprises and governments which got here out of nowhere months in the past to interrupt into the highest 10 Most worthy currencies by market cap.
The brand new fund consists of heavyweight VCs Tiger International, KKR and Sequoia Capital China.
Haseeb Qureshi, managing companion at Dragonfly, wrote in a weblog publish that the brand new fund will again “probably the most disruptive founders, protocol builders, and hackers of this technology”.
“We used to speak about how the revolution was coming. Properly, it’s right here now. Crypto has gone mainstream, however we’ve been doing this from the start, earlier than any of it was apparent,” he mentioned.
“We’ve been early supporters of initiatives like Avalanche, Close to, Bybit, Matter Labs, Anchorage, Amber, Frax, Cosmos, Dune Analytics, MakerDAO, Compound, 1inch – to call only a few.
“Again then, most of those had been half-baked concepts… with the proper workforce and sufficient ingenuity, a loopy concept can change every little thing. We’ve seen it sufficient instances to now not doubt it. The panorama just isn’t fastened, irrespective of how a lot it looks like it may be.
“We’re excited to be a small a part of how the way forward for crypto will get constructed.”
Crypto donations platform launches carbon offset programme
Pledge, a fundraising platform for crypto donations, has launched a carbon offset initiative.
It says that because the mining course of linked to how cryptocurrency is logged on the blockchain makes use of important power and contributes to world carbon emissions, each pledge made to a non-profit by means of PledgeCrypto will help carbon offset initiatives.
“At Pledge, we basically imagine that unlocking crypto donations will present an ample new supply of funding for non-profits across the globe, however the course of must be accomplished in a sustainable means,” mentioned CEO James Citron.
“Impressed by our core values of care and neighborhood, we needed to answer environmental considerations about crypto, which is why we’re proud to steer with the first-of-its-kind patent-pending invention to make sure that each crypto transaction by means of Pledge will help UN-verified initiatives.
“This ensures that PledgeCrypto is not going to solely be probably the most accessible means for donors to donate their digital belongings and for non-profits to obtain them, but additionally in probably the most environmentally acutely aware means within the business.”
Cryptocurrency shorts
Revolut chief income officer Alan Chang has instructed an AltFi panel that the digital financial institution has a devoted workforce of virtually 100 folks engaged on crypto and web3. Its app options the flexibility to withdraw round 60 cryptocurrencies at current.
EU legislators are finalising new guidelines which might ‘monitor and hint’ folks’s cryptocurrency holdings to fight cash laundering. The ultimate spherical of negotiations over the Switch of Funds Regulation begins immediately and will require firms to test who’s sending and receiving funds.
Blockchain safety agency CoolBitX has unveiled Sygna Hub, an API answer for incorporating anti-money laundering instruments from the likes of Chainalysis and Elliptic and meant to assist digital asset service suppliers (VASPs) meet evolving crypto rules.
Crypto costs
The general market cap of the greater than 19,100 cash is at $1.8 trillion, up 1.3% within the final 24 hours.
Market chief Bitcoin – the unique cryptocurrency created by the mysterious Satoshi Nakamoto – climbed 2% to above $39,300 on the time of writing (7am UK). BTC is down 5% in every week.
Ethereum, the second Most worthy crypto coin – created as a decentralised community for sensible contracts on the blockchain – gained 1% to round $2,880. ETH, set for an enormous improve quickly, is 6% down over the course of every week.
Binance Coin is a cryptocurrency created by widespread crypto trade Binance to help its goal in turning into the infrastructure companies supplier for the whole blockchain ecosystem. Its BNB token dropped barely to $389, leaving it 7% down over seven days.
Solana is a blockchain constructed to make decentralised finance accessible on a bigger scale – and able to processing 50,000 transactions per second. Its SOL token gained 1% to $99 and is down 7% in contrast with every week in the past.
The XRP token of Ripple, a cost settlement asset trade and remittance system, acts as a bridge for transfers between different currencies. XRP dropped 1% to under 65 cents, which leaves it 14% down over seven days.
Terra, described as a programmable cash for the web, rose 1% to $89.27. Its cost token LUNA is 4% decrease than its value every week in the past.
Cardano is an open supply community facilitating dApps which considers itself to be an up to date model of Ethereum. Its ADA token, designed to permit homeowners to take part within the operation of the community, remained under 84c. It’s 11% down over the course of every week.
Avalanche, a lightning-quick verifiable platform for establishments, enterprises and governments, got here out of nowhere months in the past to interrupt into the highest 10 currencies. Its AVAX token fell 1% to $69.16 and is 12% down in every week.
Meme coin DOGE was created as a satire on the hype surrounding cryptocurrencies however is now a serious participant within the house. DOGE dropped 1% to under 14c whereas it is kind of the place it was every week in the past.
Polkadot was based by the Swiss-based Web3 Basis as an open-source mission to develop a decentralised net. Its DOT token, which goals to securely join blockchains, dropped 1% to $16.87 and is 12% decrease than its value every week in the past.
To see how the valuations of the principle cash have modified in latest instances – and for round-ups of latest cryptocurrency information developments – click on right here.
For valuations of the highest 250 cash by market cap plus 24-hour value change and quantity traded, see under.
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