Taiwan’s CTBC Venture Capital commits $4.5m to crypto-focused fund

FILE PHOTO: Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration/File Photo

CTBC Venture Capital, the venture capital arm of Taiwanese financial firm CTBC Financial Holdings, has committed to invest up to $4.5 million in a crypto-focused fund by US-based Dragonfly Capital Partners. 

In a filing with the Taiwan Stock Exchange, CTBC said its commitment to Dragonfly Ventures I Feeder LP is equivalent to approximately 4.6% of the target amount being considered for the fund.

San Francisco-based crypto-focused venture capital firm Dragonfly Capital is led by Bo Feng, who was previously a founding partner at Ceyuan Ventures. 

In March this year, the firm launched Dragonfly Ventures Fund II, a $225 million vehicle aiming to invest in Decentralised Finance (DeFi), non-fungible token (NFT) projects, Ethereum Layer 2 solutions as well as centralised financial infrastructure.

Sequoia China backed the fund as a strategic limited partner, while other partners include crypto exchanges OKEx and Huobi, crypto mining machine-maker Bitmain and crypto derivatives platform Bybit.

Founded in 2018, Dragonfly raised $100 million for its inaugural fund, which attracted some of the world’s biggest internet companies and investment firms such as Neil Shen of Sequoia China, Zhang Tao of Meituan-Dianping, Baidu founder Eric Xu, Salil Deshpande of Bain Capital Ventures, JP Gan of Qiming Venture Partners, and Annie Xu of Alibaba US.

To date, the firm has made at least 34 investments in various crypto-related companies, according to its website. This includes crypto trading platform Amber that recently reached unicorn status, crypto hedging instrument Opyn, and decentralised derivatives exchange SynFutures.

Founded in 2003, CTBC Venture Capital primarily focuses on IT, communications, biotechnology, healthcare, creative, and alternative energy industries. In August last year, the firm invested NT$500 million in cleaning products producer Yuen Foong Yu Consumer Products Co. Few months prior to the deal, it committed $9 million in UK-based venture capital firm LocalGlobe’s Latitude X fund.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.