Listen to Haseeb Qureshi, the new partner of Dragonfly Capital, talk about the differences between China and the West in the blockchain world and the future of public chains

Editor's Note: This article comes fromChain news (ID: chainnewscom), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Chain news (ID: chainnewscom)

Chain news (ID: chainnewscom)

, reprinted by Odaily with authorization.

The well-known cryptocurrency investor Haseeb Qureshi, who left the blockchain investment agency MetaStable Capital, finally confirmed his whereabouts. Cryptocurrency investment fund Dragonfly Capital Partners confirmed to Lianwen that Haseeb Qureshi has officially joined the fund as the managing partner of Dragonfly Capital Partners.

Dragonfly Capital Partners is a blockchain venture capital institution co-founded by Feng Bo, the founding partner of Ceyuan Venture Capital, and Alexander Pack, the former head of Bain Capital’s blockchain business investment. In October last year, it announced the completion of a $100 million fundraising. There is a strong lineup of LPs participating in the investment, including Bitmain, OKEx, BitMEX, Ripple, Coinbase co-founders, Bain Capital, Founders Fund, etc. participated in the investment.

Haseeb Qureshi will become Dragonfly Capital Partners' third partner. He told Lianwen that in fact, he has started to cooperate with Dragonfly Capital informally since half a year ago. As a "technology first" believer, he will bring his professional knowledge in the field of hard core technology to Dragonfly Capital.

The Haseeb Qureshi Legend: He started playing online poker with $50 at age 16, made $100,000 playing poker tournaments a year later, and became a world-renowned professional poker tournament player by age 19 , and received numerous sponsorships, becoming a millionaire. At the age of 21, he decided to leave professional poker and never played poker again. At the age of 25, Haseeb Qureshi became interested in computers and began to learn software. Since then, he has embarked on the road of programming and technology investment. Later, in 2018, he joined MetaStable Capital, a well-known crypto asset investment institution, and became a general partner. After that, in February this year resign.

The addition of new partners will strengthen Dragonfly Capital's investment capabilities in technology-based projects. So far, Dragonfly Capital has announced a total of 20 blockchain projects in its investment portfolio. In addition to public chain projects such as Cosmos, Coda, Celo, Oasis Labs, Spacemesh, and Sia, it also includes ErisX, Tagomi, CoinFlex, Anchorage, and Lumina (encrypted hedge fund portfolio management platform) and other encrypted asset trading and custody infrastructure.

Haseeb Qureshi：In addition, Dragonfly Capital is also quite active in the field of decentralization and finance (DeFi), and has invested in projects such as Compound, dydx, UMA, and Nuo. The fund also invested in two Chinese teams, Amber AI and RenrenBit founded by Zhao Dong.

Alexander Pack, the co-founding partner of Dragonfly Capital, said that the fund hopes to support the leaders of the encryption world and become a bridge connecting the East and West cryptocurrency industries. It can help Asian projects and investors obtain technologies developed in the West, and also help the West of blockchain projects exposed to the cryptocurrency market in Asia. He once said that in the future, he will focus on three investment directions: investing in new encrypted asset management funds as a fund of funds; investing in protocols and applications that may become the basis of the decentralized economy; supporting technologies that can connect the decentralized and centralized worlds Startups.

Haseeb Qureshi, who just finished a trip to China, accepted an interview with Lianwen at the same time as the new appointment was announced, and talked about the differences between China and the West in the blockchain world in his eyes, how he sees the future of public chains, and when blockchains can appear Large-scale application of technology:

Lianwen: We reported that you left MetaStable Capital, another well-known investment fund, in February this year. We only saw the news that Dragonfly Capital officially announced your joining today. Where have you been for the past 8 months?

Haseeb Qureshi：I've been pretty busy the past 8 months. In the field of cryptocurrency, it is really difficult not to be busy. I've used this time to learn more about cryptocurrency projects and to learn more in depth about areas that I wish I knew more about.

In fact, since half a year ago, I have started to cooperate informally with Dragonfly Capital, and I have begun to understand how they operate and how to look at this field, which makes me very confident in the Dragonfly Capital team. Joining a team as a partner is a big decision, and only with time and experience can you be sure it's the right fit.

Haseeb Qureshi：Of course, I'm still working on a cryptocurrency education project, which is still in progress. The details are kept confidential. I hope to be able to announce this new thing to you soon.

Lianwen: We know that you were in China some time ago, what impression did China's blockchain industry leave on you? How do you see the difference between the Chinese cryptocurrency field and the United States?

My feeling is that the blockchain industry in China is very vibrant. I just came back from China, and I am very impressed and excited about China. It can be clearly seen that in China, a large number of enterprises agree with blockchain technology, and the government also supports blockchain technology. China's cryptocurrency mining and hardware fields are far stronger than the United States. In China, people pay more attention to real business, pay attention to cash flow, and pay more attention to price. In a word, in China, there is less empty talk and more pragmatism.

Haseeb Qureshi：Lianwen: Now there is an atmosphere of bearishness on the underlying public chain in the market. How do you see the future of these underlying public chains?

I agree with the statement that the market is currently very negative towards underlying projects, and there are many Layer 1 public chain projects emerging. Of course, Bitcoin is already very solid, and the bigger target is Ethereum - the question everyone is discussing is, will there be a smart contract platform that has better scalability and can replace Ethereum? Day by day, this possibility is getting less and less likely, instead reinforcing Ethereum’s dominance. Especially as more and more Tethers are transferred to the Ethereum blockchain, it is natural that most projects today will choose to develop on Ethereum. This network effect is too strong.

What I want to say is that the most likely way to replace Ethereum now is not likely to allow a new blockchain to eat away market share from Ethereum, but it may be a new blockchain that brings an incremental market and a new cryptocurrency world. A new blockchain for newcomers. I think Telegram and Libra have the opportunity to achieve this goal. They have the potential to bring millions of users and tens of thousands of developers, which will dwarf the current user base of public chain projects.

Haseeb Qureshi：Lianwen: Now every blockchain project has the dream of realizing large-scale application. When do you think large-scale use cases will appear in the blockchain field? Of course, the large-scale use cases we are talking about do not include cryptocurrency transactions.