Published On: Fri, Jun 25th, 2021

Andreessen Horowitz triples down on blockchain startups with large $2.2 billion Crypto Fund III

While a cryptocurrency market’s many new hype call seems to be failing down after a fantastic rise, Andreessen Horowitz’s crypto arm is reaffirming a joining to startups building blockchain projects with a bumbling new $2.2 billion crypto fund.

It’s a firm’s largest vertical-specific account ever — by utterly a bit.

Andreessen Horowitz’s 2018 crypto account ushered in $300 million of LP commitments and a second fund, that it sealed in Apr of final year, clocked in during $515 million. The new multi-billion dollar account not usually showcases how institutional backers are flourishing some-more gentle with cryptocurrencies, yet also how Andreessen Horowitz’s resources underneath government have been fast flourishing to contest with other deep-pocketed firms including a ever-prolific Tiger Global.

With this announcement, Andreessen now has some $18.8 billion resources underneath management.

LPs are expected distant reduction heedful to take a possibility on crypto after Andreessen Horowitz’s interest in Coinbase alike to some $11.2 billion during a time of a approach listing’s initial trades, yet a batch has slid behind some 30% in new months as a crypto marketplace has shrunk.

Some of a firm’s other vital crypto bets embody NBA Top Shot builder Dapper Labs that strike a $7.5 billion gratefulness this spring. Blockchain infrastructure startup Dfinity lifted during a $9.5 billion gratefulness this past September. Last year, a organisation led a Series A of Uniswap, that is staid to be a vital actor in a Ethereum ecosystem. In further to equity investments, a16z has also done vital bets on a currencies themselves.

An progressing news from Newcomer final month reported a16z was targeting a $2 billion crypto account and that they had already unloaded some of their crypto land before many cryptocurrencies took a vital dive in new weeks.

Multicoin Capital debuts new $100M account to gamble on crypto startups and tokens

Crypto Fund III will continue to be managed by GPs Chris Dixon and Katie Haun, yet a organisation has also begun spinning out a some-more strong government group around a crypto vertical.

Anthony Albanese, who assimilated a organisation final year from a NYSE, has been allocated COO of a division. Tomicah Tillemann, who before served as a comparison confidant to now-President Joe Biden and as authority of a Global Blockchain Business Council, will be a16z Crypto’s Global Head of Policy. Rachael Horwitz is also entrance aboard as an Operating Partner heading selling and communications for a16z crypto; withdrawal Google after a army as Coinbase’s initial VP of Communications as well.

A integrate other folks are also entrance on in advisory capacity, including businessman Alex Price and a integrate others who will expected be a tad useful in regulatory maneuverings including Bill Hinman, before of a SEC, and Brent McIntosh, who recently served as Under Secretary of a Treasury for International Affairs.

Andreessen Horowitz only sealed a second crypto fund

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