San Francisco-based venture capital fund Dragonfly announced a new $225 million fund to invest in projects across the crypto space. Following the original $100 million funds' success, the Dragonfly Fund II will target four potential areas such as decentralized finance (DeFi) protocols, non-fungible token projects, Ethereum Layer 2-based businesses, and centralized finance (CeFi) platforms. Dragonfly has been early backers of notable projects like ByBit, Compound, Celo, and Maker.