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Silicon Valley venture capital firm, Andreessen Horowitz, founded by Marc Andreessen and Ben Horowitz, on Thursday announced the launch of a $2.2 billion crypto fund.
With the fund, the firm is grabbing the bull by the horns as it confirms to be “radically optimistic about crypto’s potential to restore trust and enable new kinds of governance.”
In a blog post titled “Crypto Fund III,” Chris Dixon, Katie Haun, and Ali Yahya, all partners on the crypto team at Andreessen Horowitz, also known as “a16z,”, wrote:
“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.
This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto. We invest in all stages, from early seed-stage projects to fully developed later-stage networks.”
The a16z partners further emphasized the bright future ahead:
“We believe that the next wave of computing innovation will be driven by crypto. We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed.
That’s why today we’re pleased to announce a new $2.2 billion fund to continue investing in crypto networks and the founders and teams building in this space.”
Appearing on CNBC shortly after Thursday, Katy Haun explained that the fund is not a hedge fund but a venture fund. She then clarified that the fund will invest not only in tokens and protocols but also businesses.
Andreessen Horowitz launched their first crypto-focused fund three years ago during amidst the bear market when the value of bitcoin had plunged roughly 80% from its 2017 highs.