Behind the blockchain summit where bigwigs like Shen Nanpeng and Wang Xing gathered, there is a "capital tycoon" with 100 million US dollars lurking

On October 14, a picture from the Dragonfly Capital (Beijing) Summit went viral. The “spring, summer, autumn and winter” outfits and card games of four bigwigs, including Ethereum’s Vitalik Buterin, Meituan’s Wang Xing, Ceyuan Ventures’ Feng Bo, and Sequoia Capital’s Neil Shen, attracted a lot of attention.

It is worth noting that many well-known figures in the traditional financial and Internet circles appeared at the summit, such as Wang Xing, who rarely attends blockchain summits. The last time he publicly mentioned topics related to blockchain was in June this year. Wang Xing commented on the Facebook Libra project, saying that Facebook’s strategy for promoting Libra is very clear, which may indicate his strong interest in the blockchain industry.

In addition, the Dragonfly Capital Summit brought together blockchain project parties and well-known figures in many industries such as mining, chain, exchanges, Internet, and traditional finance. In addition to the above four, there are also Bitmain's Wu Jihan, OKCoin's Xu Mingxing, Huobi's Li Lin, Renrenbit founder Zhao Dong, Ethereum co-founder Joe Lubin, and former Coinbase co-founder Fred Ehrsam.

They will discuss many hot topics in the blockchain field such as "exchange landscape", "investment trends", "decentralized financial infrastructure" and so on.

This summit has such a luxurious lineup and the gathering of well-known figures from various fields is very rare in previous blockchain or cryptocurrency summits, which makes this summit very high-end and mysterious.

Interestingly, the heavyweight guests and project owners at the conference seemed to have some mysterious connection with Dragonfly Capital. Summit guests/blockchain projects such as blockchain-based cloud computing platform Oasis Labs, asset trading platform Renrenbit, blockchain encryption protocol Coda, star project Cosmos, decentralized lending platform Compound, etc. are all projects in Dragonfly Capital's investment portfolio.

In addition, OKEx's Xu Mingxing, Huobi's Li Lin, Sequoia Capital's Shen Nanpeng, Meituan's Wang Xing, etc. are likely to be LPs (limited partners, i.e. investors) of Dragonfly Capital, as the summit agenda includes Dragonfly Capital's LP/GP (general partner) meeting.

Although the bigwigs attending the conference attracted a lot of attention, the crypto fund Dragonfly Capital Partners, which was ignored as the organizer behind the scenes, may be the invisible capital giant in the crypto industry, lurking inside the industry, sitting on key resources inside and outside the industry, and playing a big game of investment. In the above picture, many crypto companies are listed in Dragonfly Capital's investment portfolio, and many heavyweight guests in the picture are investors in the fund.

Recently, Dragonfly Capital has raised $100 million for its first fund to invest in cryptocurrency startups. In the future, Dragonfly Capital may have the potential to be on par with well-known cryptocurrency investment companies such as Grayscale Investments and Galaxy Digital.

“Invisible” Capital Giants: Exposing the Cryptocurrency Ambitions of Domestic Internet Giants

Compared with cryptocurrency investment funds such as Grayscale Investments, Galaxy Digital, and a16z, Dragonfly Capital, as a new face in the industry, does not seem to be well-known. However, Dragonfly Capital's investment layout and capital strength are not inferior to those of the top cryptocurrency funds.

The fund was co-founded by managing partner Alexander Pack, a young Silicon Valley cryptocurrency venture capitalist who previously managed cryptocurrency and fund investments for Bain Capital Ventures, and Feng Bo, a veteran venture capitalist with more than 20 years of experience and also a founding partner of Ceyuan Ventures.

In addition, the core members of the team include partners of MetaStable Capital, a crypto asset investment institution that has received investments from Andreessen Horowitz and Sequoia Capital, and partners of Amber Group, one of the world's major financial groups.

Recently, Dragonfly Capital has raised $100 million for its first fund to invest in cryptocurrency startups. However, there are not many funds with capital of over 100 million in the cryptocurrency fund circle.

According to Forbes, Dragonfly Capital's first fund attracted many top Internet tycoons and investors, including top Internet tycoons and investors in Asia, such as Sequoia China CEO Neil Shen, Baidu co-founder Xu Yong, Zhen Fund founding partner Xu Xiaoping, Dianping founder Zhang Tao, China Renaissance founder Bao Fan, Meitu chairman Cai Wensheng, eLong and Xiaoying Technology founder Tang Yue, Alibaba US general manager Xu Jie, and Qiming Venture Partners partner Gan Jianping.

Previously, there was little news about Internet giants such as Meitu, Dianping, and eLong planning to develop cryptocurrency businesses, but these Internet and financial tycoons have begun to consider investing in cryptocurrencies.

OKEx, one of the world's largest cryptocurrency exchanges, and Bitmain, a mining machine giant, are also investors in Dragonfly Capital. In addition, it has also attracted top American investors including Salil Deshpande, a partner at traditional asset management company Bain Capital, and Marc Andreessen, co-founder of the well-known cryptocurrency fund A16Z.

In addition, Dragonfly Capital has previously invested approximately US$20 million in more than 20 cryptocurrency startups and funds, including star projects such as Cosmos, decentralized lending platform Compound, crypto derivatives provider ErisX, crypto asset trading platform Renrenbit, stablecoin project Basis, protocols including Spacemesh and Oasis Labs, and well-known projects such as MetaStable Capital.

According to Forbes, in the future, Dragonfly Capital will invest in three types of assets: cryptocurrency funds that are expected to become industry leaders; protocols and applications that will become the foundation of the decentralized economy; and high-quality crypto startups that build bridges between the centralized and decentralized worlds.

In addition, Asia is likely to become a key investment region for Dragonfly Capital, and the fund's founder Alexander Pack hopes that Asia will continue to be one of the most important markets for cryptocurrency applications (especially financial applications). Pack said that they designed the fund's (investment) structure to operate "unconstrained" without restrictions on which specific companies or currencies to support.