Dragonfly Capital, a crypto venture capital firm, has completed fundraising for its fourth fund.

The blockchain-focused venture capital fund raised $650 million, one of the largest raises in the sector, a Coindesk article stated.

“We just closed Dragonfly Fund IV at $650 million. It’s a big milestone, and yet, it’s a weird time to celebrate. Spirits are low, fear is extreme and the gloom of a bear market has set in,” Haseeb Qureshi, managing partner at Dragonfly wrote in a post on X.

Qureshi noted that Dragonfly has typically raised funds in a bear market. In 2018, the firm raised Fund I through the ICO winter, “when almost nobody believed in this space anymore.” The firm also raised its…

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