Cryptocurrency-focused venture capital firm Dragonfly has purchased Metastable Capital, one of the oldest crypto hedge funds, for an undisclosed amount, according to a blog post dated Monday.The acquisition of Metastable, founded in 2014, enables Dragonfly to become "more expansive than it’s ever been," the blog read. It was an early investor in a variety of popular digital-asset projects like ethereum (ETH-USD), avalanche (AVAX-USD) and NEAR (NEAR-USD).Dragonfly, founded in 2018, also highlighted that it's pursuing a complete rebranding, including dropping the "Capital" from its name and adopting a new logo.The deal comes even as the crypto space undergoes a market downturn against a backdrop of tighter monetary policy and looming recession fears.In the first half of 2022, crypto venture capital funding fell 26%, but the number of deals rose.