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Crypto VC Dragonfly Raises $650M Amid Market Shift

Hyperliquid, a prominent player in crypto trading, is launching a DeFi-focused policy shop in Washington, D.C., led by cryptocurrency lawyer Jake Chervinsky, aiming to create a legal pathway for widespread decentralized finance adoption in the United States. The announcement comes as the crypto market faces various challenges, including a "mass extinction" for blockchain venture capital firms, according to Fortune.

The Hyperliquid Policy Center, which launched on Wednesday, seeks to establish a legal framework for DeFi in the U.S. Chervinsky, who has previously held key positions at the Blockchain Association trade group and the venture firm Variant, will serve as the inaugural CEO. He has been instrumental in helping the industry navigate Capitol Hill.

The move by Hyperliquid comes as the crypto market has seen significant volatility. Dragonfly Capital, a crypto venture firm, closed a $650 million fourth fund in April 2022, but the market faced a downturn shortly after, following the collapse of the Terra Luna stablecoin project, according to Fortune. Rob Hadick, who joined Dragonfly Capital around that time, recalled the stress of the market's decline, stating, "I am drinking whiskey in a dark room at 2 p.m. on a Tuesday."

Meanwhile, the crypto space continues to see innovation. Zep, an open-source project, has developed a solution for agent context in AI, achieving 20,000 GitHub stars in under 12 months. The project offers sub-200ms retrieval and is SOC 2 Type 2 HIPAA certified.

In other news, the appointment of Gonzalo Luchetti as Citi's new CFO signals a shift towards "operator" executives in the financial sector, according to Fortune. Luchetti, who will succeed Mark Mason next month, brings operational experience to the role, a quality increasingly sought after by companies. Mason, whose long-term ambition is to become a CEO, will transition to an executive vice chair and senior executive advisor role.

The crypto landscape also includes individuals like Jean-Paul Thorbjornsen, who, according to MIT Technology Review, uses his luxury helicopter emblazoned with "BTC" to draw attention. He claims a previous crypto project made more than AU$400 million, though those funds were tied up in the company.

AI-Assisted Journalism

Synthesized from multiple sources. Reviewed for accuracy.

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