Andreessen Horowitz, a leading venture capital firm, has announced plans to launch a new $2.2 billion cryptocurrency fund.
a16z, a private US venture capital firm, has announced intentions to double down on crypto with a ‘radically optimistic’ digital asset fund about three years after introducing its first crypto-related product. The industry has been dubbed “the future of finance” by the company’s partners.
Andreessen Horowitz, a venture capital firm based in California, was founded in 2009 and has already released numerous pro-cryptocurrency products. It has also taken part in financing rounds for several DeFi protocols, notably Uniswap.
According to a June 24th CNBC report, a16z aims to launch its largest digital asset fund to date. It will have an initial capital of $2.2 billion, which it plans to divide into blockchain and cryptocurrency start-ups.
“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.” – commented Katie Haun and Chris Dixon, who run the company’s digital assets arm.
Despite the market’s notoriously high volatility, which has seen prices correct by double digits on many occasions, Haun and Dixon think that crypto will fuel the next wave of computer innovation.
As a result, they dubbed the new fund a “radically optimistic” effort with lofty goals for the sector.
In addition, Andreessen Horowitz has hired a slew of new employees, including Bill Hinman, a former Securities and Exchange Director.