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Dragonfly Capital, a well-known crypto venture capital firm founded in 2018 by Bo Feng and Alexander Pack, has announced its third fundraising round valued at $650 million. Tiger Global, KKR, Sequoia China, and Invesco were among the investors in the $650 million round According to Qureshi, Managing Partner at Dragonfly, the new fund will focus on the new wave of crypto entrepreneurs who are forming in web3 and other more fledgling areas of the market. Qureshi believes that most web3 entrepreneurs need investors and their guidance to participate in token economics, go-to-market, product strategy, and hiring. According to Qureshi, “That's why Dragonfly is often the first port of call for these entrepreneurs—unlike many of the generalist VCs, we've been doing this for many years now, we've backed many of the generational protocols and companies in this space, and we've seen the whole journey from seed to multi-billion dollar outcomes, Dragonfly has invested in a wide range of companies, including blockchains like Terra and Near and financial services like Matrixport and Paradigm. https://www.theblockcrypto.com/post/143633/multiple-ivy-league-universities-kkr-back-dragonflys-new-650-million-fund/

Gate Ventures, the venture arm of crypto exchange gate.io is all set to raise $200 million for its crypto fund by the end of Q3 2022. According to Kevin Yang, the managing partner of Gate Ventures, the fund will be focused on identifying and investing in alternative layer 1 and layer 2 protocols. Specifically, the firm is looking to invest in protocols that focus on cross-chain interoperability. The firm also has its eyes set on the blockchain gaming sector. According to Kevin Yang, “We have this vision that it will be a multi-chain and multi-layer future, with an open internet which also respects privacy,” https://www.coindesk.com/business/2022/04/29/gate-ventures-on-track-to-close-200m-crypto-fund-by-q3/