Andreessen Horowitz Launches New Crypto Fund

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Andreessen Horowitz Launches New Crypto Fund

The well-known private American venture capital company Andreessen Horowitz has joined the cryptocurrency fund bandwagon. In a blog post, the Menlo Park, California-based business announced the formation of the “a16z Crypto Fund,” a $300 million venture fund that would invest in crypto startups and protocols.

Andreessen Horowitz’s Cryptocurrency Investments

The business has previously made significant investments in a number of cryptocurrency companies, including one in prominent bitcoin exchange Coinbase in 2013. The corporation invested in a startup that is developing a blockchain-based internet computer in February of this year. (See also: Blockchain-Based ‘Internet Computer’ Receives $61 Million from Andreessen Horowitz.)

Andreessen Horowitz compares blockchain technology and cryptocurrencies to the rise of personal computers in the 1970s, the Internet in the early 1990s, and smartphones in the late 2000s to highlight the potential of blockchain technology and cryptocurrencies to become the next great breakthrough. As the multi-billion dollar mobile app sector capitalizes on the smartphone explosion, Andreessen Horowitz sees a similar opportunity for cryptocurrencies to capitalize on blockchain technology. (See also Marc Andreessen’s support for a cryptocurrency-focused hedge fund.)

The fund will invest in cryptocurrencies for the long run. “We’ve been investing in crypto assets for 5+ years,” says general partner Chris Dixon in the blog post. We’ve never sold any of those investments and have no plans to do so in the near future. We designed the a16z crypto fund to be able to store assets for more than ten years.” Dixon said that the business is focused on non-speculative usage of crypto goods and anticipates billions of people to use and profit from such products and services, and that the firm intends to spend consistently over time regardless of market conditions. It intends to take advantage of any “crypto-winters,” or market downturn, and invest more aggressively in such situations.

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Former federal prosecutor and Assistant U.S. Attorney Kathryn Haun, who was recently designated Andreessen Horowitz’s first female general partner, will co-lead the fund. Haun’s regulatory experience is believed to be very beneficial to the firm’s cryptocurrency initiatives. She previously worked on Silk Road, an online black market and the first contemporary darknet market that went on to be the first high-profile cryptocurrency-related case, and helped establish the first federal task force in America for crypto markets and deals. Haun also serves on the Coinbase board of directors and was one of the first Stanford Law School professors to offer a digital currency and cybercrime course. “We want to see crypto progress past the speculative phase and ultimately address real-world issues for millions or perhaps billions of people,” Haun told CNBC, citing the firm’s major emphasis on the team of founders. Grayscale also launched four new cryptocurrency funds.

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