Venture capital firm Dragonfly has acquired MetaStable Capital, one of the oldest crypto investment funds, for an undisclosed amount, according to a report from Bloomberg.
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MetaStable, which was started in 2014, had over $400 million in assets under management as of July 31, according to Bloomberg.
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Dragonfly Managing Partner Haseeb Qureshi, who was previously a general partner at MetaStable, told Bloomberg that while the bear market has caused many funds to exit the crypto market, Dragonfly was committed to going even deeper into crypto.
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Dragonfly has also dropped the “Capital” from its name and has adopted a new logo, according to the report.
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Founded in 2018, Dragonfly Capital’s investment portfolio includes smart contracts platform Avalanche, layer 1 blockchain platform Near Protocol, DAI token creator MakerDAO and zkSync creator Matter Labs, among others.
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In April, Dragonfly raised $650 million for its third crypto fund.
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