Dragonfly Capital has raised $650 million for its fourth fund

Dragonfly Capital, a venture firm focused on early-stage blockchain and Web3 investments, has closed its fourth fund at $650 million in a challenging crypto venture landscape, Fortune reported Tuesday.

of brand new Dragonfly Capital's $650 million third round of funding will allow the group to capitalize on its high potential. Projects with blockchain and decentralized finance.

Dragonfly's investment approach focuses on blockchain projects that integrate with financial services rather than speculative Web3 experiments.

The firm has backed more than 100 digital asset companies, including those that offer real-world financial products on-chain from marketplace platforms such as Etena, the popular synthetic dollar project, and Polymarket.