By Michael B. Cohen
Vice President of Global Operations
Dragonfly, a crypto venture capital firm, has acquired one of the oldest digital assets hedge funds, MetaStable, for an undisclosed amount. The marriage of these two reliable crypto companies may signal a resurgence in the digital assets space after a punishing “crypto winter.”
Formerly known as Dragonfly Capital Partners, Dragonfly is changing its name and broadening its services through this acquisition, which will allow it to expand its Web3 offerings, including NFTs, smart contracts, metaverse services, and tokens. Dragonfly crypto recently completed an oversubscribed $650 million fundraising for its third crypto fund.
Although the amount of the purchase hasn’t been revealed, MetaStable has $400 million in assets under management and is backed by Sequoia Capital and Andreessen Horowitz.
MetaStable, founded in 2014, is rightly named since it is one of the oldest crypto hedge funds and was founded in 2014, and was an early investor in eEthereum and fFilecoin, a decentralized crypto storage platform.
The union between these two funds makes sense since they share bloodlines. Dragonfly’s managing partner, Haseeb Qureshi, was previously a partner at MetaStable.
What Does Dragonfly’s Acquisition of MetaStable Mean for Crypto Users?
Acquisition of a hedge fund by a venture capital fund doubtless makes financial news headlines, but what does that mean for consumers?
Since the two funds in question are Dragonfly crypto and MetaStable, it obviously will have a major impact on the crypto industry, given the importance of these firms. The result of joining forces may mean more effective funding of crypto projects and blockchain innovation.
For crypto users, the acquisition is a sign that digital currencies have not only survived the crypto crash and the dramatic fall in bitcoin price but are here to stay and will thrive. Crypto skeptics who believed Ccrypto winter was the end of digital currencies seem to be mistaken.
Blockchain technology and Web3 are certainly developing at top speed, regardless of fluctuations in the value of individual crypto assets. Meanwhile, problems in the crypto space that led to losses and fraud are being addressed by proposals to regulate cryptocurrencies and solutions to make digital assets safer to use.
Cryptocurrency doesn’t necessarily need a “Wild, Wild West” environment to survive. For instance, Dragonfly crypto is regulated by the SEC and FINRA. It can provide its users with the freedom and convenience of the blockchain while giving clients the transparency and oversight needed to keep their funds safe.
Unfortunately, unlike Dragonfly crypto, many crypto brokers and platforms aren’t regulated and may be frauds. It’s important to research any broker or fund before opening an account. If you suspect that a financial service you are using may be a fraud, talk to MyChargeBack experts right away.
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If you have lost money on the blockchain through unregulated brokers, bitcoin wallet hacking or fake merchants, talk to the MyChargeBack team. Our crypto investigations will provide evidence to bolster your claim.
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