2021-6-25 16:56 |
Andreesen Horowitz, the Silicon Valley venture capital behemoth, announced on Thursday the launch of a new $2.2 billion crypto-focused fund. The fund plans to invest the money in digital assets and blockchain startups. According to Katie Haun and Chris Dixon, partners of Andreessen Horowitz, the size of this fund is a sign of the massive opportunity before the market, CNBC reported.
Initiative launched at bearish time for bitcoinThe firm’s first crypto fund was launched during the “crypto winter” era in 2017 when bitcoin (BTC/USD) plummeted by 80% although it has been investing in cryptocurrencies since 2013.
The new Andreesen Horowitz fund is coming at an equally bearish time, but the firm behind some of the largest financial success stories in recent memory doesn’t seem to be concerned. Noting digital assets’ volatility, Haun and Dixon said:
Prices may fluctuate but innovation continues to increase through each cycle. We believe that the next wave of computing innovation will be driven by crypto and are radically optimistic about crypto’s potential.
The fund will target opportunities across all stages from early seed startups to fully developed late-stage networks.
Adding ‘heavy-hitters’ to rosterAndreessen Horowitz is one of the first investors in Facebook’s crypto project libra, later renamed to diem. The company holds an interest in Dapper Labs and has plans to focus on defi long-term. As such, the firm is no stranger to the space and the investment team said in a blog post it will focus on finding “the next generation of visionary crypto founders, and invest in the most exciting areas of crypto.”
The private American venture capital firm announced the addition of multiple “heavy-hitters” to “help translate crypto to the mainstream.” Some of the examples include former Bill Hinman, the former Director of the SEC’s Commission’s Division of Corporation Finance, Coinbase’s first VP of Communications Rachael Horwitz, and former Under Secretary of the Treasury for International Affairs Brent McIntosh.
We’ve never been more excited about where crypto is headed and we’re going all in on the talented, visionary founders who are determined to be part of crypto’s next chapter,” the blog report read.
The post Andreesen Horowitz is ‘radically optimistic’ about cryptos, launches $2.2B new fund appeared first on Invezz.
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