Dragonfly Capital Partners LLC launched its first $100 million fund focused on cryptocurrencies.

The fund will be led by managing partners Alexander Pack, who managed crypto and fund investing at Bain Capital Ventures LP, and Bo Feng, founding partner at Ceyuan Ventures.

The firm said the vehicle will invest in crypto-native funds, protocols and applications, and pick-and-shovel technology startups that bridge decentralized and centralized economies.

Dragonfly investors include executives at venture capitalists Bain Capital Ventures, a16z crypto, Founders Fund and asset manager Polychain Capital LP, together with blockchain companies OKEX and Bitmain.