Surprise Handover in Cryptocurrency Industry: Established Company Acquired!

In a post on Medium, venture capital firm Dragonfly, the oldest cryptocurrency said it acquired MetaStable Capital, one of its mutual funds, for an undisclosed amount.

MetaStable Was One of the Most Established Cryptocurrency Mutual Funds

MetaStable, which was founded in 2014 and named once Dragonfly Managing Partner Haseeb Qureshi among its general partners, had over $400 million in assets under management as of July 31, according to Bloomberg, which first reported the acquisition.

MetaStable, Ethereum, blockchain network cosmos and was one of the first investors of blockchain scalability company StarkWare.

Dragonfly also removed “Capital” from its name and adopted a new logo as part of the rebranding to focus on cryptocurrencies.

Qureshi wrote on the subject in his Medium post:

“This is why we’re changing the way Dragonfly looks and feels. We’re throwing ‘Capital’ in our name, our new look is more cryptocurrency-like and inspired by the hackers and weirdos (lovingly speaking!) who are building this industry from the ground up.”

Founded in 2018, Dragonfly’s investment portfolio includes smart contracts platform Avalanche, layer 1 blockchain platform Near Protocol, DAI token developer MakerDAO and zkSync manufacturer Matter Labs.

Dragonfly raised $650 million for its third crypto fund in April.

In addition, the company announced that it will make a name for itself in the crypto industry from now on:

“You will see and hear us more often. Follow our research as we try to help move the industry forward.”