Dragonfly, a venture capital firm focused on the cryptocurrency and digital assets space, has acquired crypto hedge fund MetaStable Capital, as it looks to expand its web3 strategy, according to a report by NFTGators. Financial terms of the transaction have not been disclosed.

Dragonfly, a venture capital firm focused on the cryptocurrency and digital assets space, has acquired crypto hedge fund MetaStable Capital, as it looks to expand its web3 strategy, according to a report by NFTGators. Financial terms of the transaction have not been disclosed.

Founded in 2014 by Naval Ravikant, MetaStable Capital is one of the longest running crypto hedge funds and has over $400 million in assets under management. The fund, which has been backed by VC firms Sequoia Capital and Andreesen Horowitz (a16z), was an early investor in Ethereum, blockchain network Cosmos and blockchain scalability company StarkWare, as well as decentralised storage platform Filecoin, 

Dragonfly, whose investment portfolio includes smart contracts platform Avalanche, layer 1 blockchain platform Near Protocol, DAI token creator MakerDAO and zkSync creator Matter Labs, among others, has decided to drop Capital from the 'Capital' from MetaStable's name and adopted new branding.