Andreessen Horowitz introduces a $2.2 billion crypto-oriented venture found, the most considerable one of its kind to date.
The California-based company started investing in crypto roughly eight years ago, in companies like Coinbase Global Inc., which went public beginning this year.
The new crypto fund is Andreessen’s third. It is launched against the backdrop of renewed doubts regarding the purpose and future of crypto and related tech, as Bitcoin registered a nearly 50% decrease since its mid-April record-breaking value.
Chris Dixon and Katie Haun, Andreessen General Partners stated in a recent blog post:
“The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives.”
The funds can be accessed for everything from early-seed rounds to late-stage startups.
Andreessen’s former crypto fund, also known as Crypto Fund II was launched for a total of $515 million.
Andreessen is also working into expanding its data-science and research collectives and expanding its team of advisor to boost the effort.
Bill Hinman will also join the team as an advisory partner. He used to be the director of the Securities and Exchange Commission’s Division of Corporate Finance.
The crypto world is a bit of a mixed bag at the moment. Many people are backing out of the business following the great China ban on Bitcoin. However, that very ban gave numerous miners the chance to rise and make their mining process even more lucrative.
Some investors are still considering crypto, while others deem it too unstable to be feasible.