%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptocurrency venture capital firm Dragonfly Capital has managed to raise $650 million U.S. despite the "crypto winter" that is pummeling the market for digital assets. Dragonfly says the money raised is for its fourth venture capital fund and is one of the largest raises in the sector over the past year. Last September, the firm said it was aiming to raise $500 million U.S. for its fourth crypto fund, which will target early-stage projects. Some analysts expressed surprise that Dragonfly's latest fund raised more money than it had targeted given the ongoing decline in Bitcoin (CRYPTO: $BTC ) and other cryptocurrencies. Bitcoin has lost nearly 50% of its value since hitting an all-time high of more than $126,000 U.S. last October. The crypto downturn of the last five months has wiped out more than $1.4 trillion U.S. in market cap across the sector, according to recent data. Dragonfly attributed its successful money raise to the fact that it is focused on crypto-financial infrastructure, from stablecoins to tokenization and on-chain payments. Executives at Dragonfly say the industry has shifted towards payments and blockchain-based financial services, and away from more speculative Web3 applications. Dragonfly's successful recent investments have included predictions market Polymarket. The VC firm's successful money raise comes despite a cautious tone being struck at the recent Consensus Hong Kong conference. Several venture capital firms said in Hong Kong that they're struggling with bearish sentiment towards digital assets. Dragonfly is a private company and its stock does not trade on a public exchange.