Quick take:

• The firm highlighted the current crypto venture landscape as a challenging ‘mass extinction event,’ despite the fundraising.
• Dragonfly has built its reputation in the digital asset landscape, investing in crypto exchange company Bybit and the financial services firm Matrixport. 
• The firm has also invested in synthetic stablecoin issuer Ethena as well asthe prediction markets platform Polymarket.

Crypto venture firm Dragonfly Capital has closed its fourth fund with $650 million in funding, Fortune reported on Tuesday.

Led by Rob Hadick, whose background is fintech; Haseeb Qureshi, who is basically the face of the firm; Tom Schmidt, the decentralized finance expert; and Bo Feng, the mysterious…