In the wake of the recent bull rally, Andreessen Horowitz has doubled down on cryptocurrencies as the firm announced its second crypto fund.

This “commitment to crypto is an investment in the long-term development of the internet,” specified the company.

We’re excited to announce Crypto Fund II, a new $515 million fund to invest in crypto networks and businesses. Read our blog post by @cdixon and @katie_haun on why our commitment to crypto is an investment in the long-term development of the internet. https://t.co/QMXbaMBdVk

— a16z (@a16z) April 30, 2020

Two years back, the company raised $300 million for its bet on cryptocurrency, its first investment fund that focused on bitcoin and other cryptos.

Now, they have raised $515 million for this second fund that focuses on blockchain technology. Chris Dixon, co-leader of the fund said,

“It’s very rare that major, new computing paradigms come along, and we think this is on the scale of cloud and mobile for the Internet.”

The areas the company is excited about include new generation payments, in which “payment blockchains are picking up where Bitcoin left off” and provide much-needed upgrade and modern user experience with reduced friction.

Bitcoin is still a part of it as a “modern store of value” which is “scarce, secure, durable, portable, and censorship-resistant” as another area of interest. “Gold has long played the role of a fiat substitute, but Bitcoin is a digital alternative that is gaining acceptance and adoption around the world,” read the official announcement.

Decentralized Finance (DeFi) is another they are interested in along with Web 3. Though still in its early build-out, “high-performance programmable blockchains will make decentralized network development much more accessible.”

The earliest VC to believe in Bitcoin and blockchain technology, Andreessen Horowitz has been investing in crypto since 2014.

From cryptos like Bitcoin (BTC) and Ethereum (ETH), stablecoin project MakerDAO, DeFi project Compound, to mobile payments startup Celo along with Protocol Labs, crypto custodian Anchorage, and crypto exchange Coinbase.

290 +