One of the most famous funds in the world, Andreessen Horowitz, led by Ben Horowitz and Mark Andreessen, announced the opening of its third venture cryptocurrency fund with over $ 2.2 billion in assets under management .
According to The Block, the new Crypto Fund III will be led by Chris Dixon and Katie Haun. According to company representatives, this is the largest investment fund among its kind.
Rumors of a new Andreessen Horowitz initiative – also known as a16z – have begun to surface in recent months. For example, in April, the Financial Times reported that a California-based investment firm would raise a billion dollars for a cryptocurrency fund. In late May, blogger Eric Newcomer wrote that the company is already raising at least $ 2 billion . The final amount of capital was confirmed only in the recent announcement from the a16z itself.
This means that the venture capital fund is ready to invest large sums in various cryptocurrency projects. Well, this will end not only with the emergence of new revolutionary products based on the blockchain, but also with an improvement in the digital asset industry as a whole.
New fund for cryptocurrencies
Here is a quote from the official a16z press release, in which representatives of the foundation share their thoughts on what is happening.
Crypto Fund III, the largest crypto fund ever created, is an important moment for the cryptocurrency ecosystem and another sign that digital assets are becoming an increasingly popular part of our financial infrastructure.
That is, in fact, such a large amount of funding from the company is a kind of recognition of the niche of cryptocurrencies and blockchain projects. The representatives of the fund have no doubt that in the future they will be an even more significant component of the world of finance – even in comparison with the current situation.
According to insiders, firms that have actively collaborated with Andreessen Horowitz in the field of crypto investments have shown great interest in the fund. Recall that the sphere of interests of a16z in the industry is quite wide: the fund actively invests in the niche of decentralized finance, exchanges, unique NFT tokens, cloud platforms on the blockchain, and much more. The fund’s portfolio includes projects such as Dapper Labs, Celo, Uniswap and Near.
The news was commented on by the already mentioned Dixon and Haun. Here is their replica.
This fund will enable us to find the next generation of forward-thinking founders in the cryptocurrency space and invest in the most exciting areas of the market. We invest at all stages of development – from early stage projects to fully developed blockchain networks.
Accordingly, we are talking about investing not only in new projects that are being prepared for launch, but also full-fledged working platforms. And this will allow the latter to strengthen their own positions and quickly implement the planned tasks.
In addition to raising additional billions of dollars for crypto investments, a16z is also actively recruiting employees. The fund has hired several key figures – including Anthony Albanese, who joined the company last year from the New York Stock Exchange. Albanese has been appointed Chief Operating Officer of the a16z Cryptocurrency Department.
The fund also hired former Securities and Exchange Commission chief Bill Hinman and Rachel Horowitz, a seasoned Silicon Vally communications strategist who previously held a similar position at Coinbase. Lesser known names include former employees of Google, Twitter and Facebook. Overall, however, it looks like the cryptocurrency space is now a very attractive place, even from the perspective of labor market participants.
We believe that the creation of such a large-scale cryptocurrency fund is indeed a recognition of the digital asset industry. Nevertheless, one of the most famous companies with a worldwide reputation will invest in blockchain projects, and this is worth a lot. It remains to be hoped that similar initiatives will be implemented by other funds in the future.