"Crypto is the forgotten middle child of tech right now, sandwiched in between AI labs and vertical AI startups. Despite small glimmers of hope for blockchain technology, from continued hype around stablecoins to sustained hope for market structure legislation, sentiment is at an all-time low, especially because there's no easy villain like Gary Gensler or Sam Bankman-Fried to blame for sinking prices."
"Amid the winter, the blockchain venture firm Dragonfly Capital managed to close its $650 million fourth fund, avoiding the "mass extinction event" suffered by its peers, as general partner Rob Hadick put it. The simple reason for its success is timely investments into a number of category winners that convinced its backers to re-up the war chest, including Polymarket and the stablecoin card issuer Rain."
Crypto sits between AI labs and vertical AI startups with low sentiment despite limited optimism around stablecoins and market-structure legislation. Dragonfly Capital closed a $650 million fourth fund by backing category winners such as Polymarket and the stablecoin card issuer Rain. The firm originated in 2018 and navigated early challenges including a co-founder split and exiting China amid a crackdown. Leadership under Haseeb Qureshi and Tom Schmidt built the firm’s reputation, and Rob Hadick’s 2022 arrival accelerated a strategic shift toward crypto-fintech convergence. The sector is moving toward fewer native tokens and more tokens tied to real-world assets like stocks and private credit funds.
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