Andreessen Horowitz Launches $ 2.2 Billion Crypto Fund

Andreessen Horowitz partner Marc Andreessen

Justin Sullivan | .

Andreessen Horowitz is launching a multi-billionaire-dollar fund to invest in a volatile ecosystem that bets will be as influential as the internet.

Silicon Valley venture joint stock company, founded by Marc Andreessen and Ben Horowitz, announced his new Fund focused on $ 2.2 billion cryptocurrencies on Thursday. is plans distribute that capital through blockchain e digital asset start-UPS.

“The dimension of this fund speaks of size of the opportunity before us: crypto is not just the future of finance but, how with Internet in the first few days, she is ready to transform all aspects of our lives, “Katie Haun and Chris Dixon, partners who run Andreessen’s cryptocurrency group, She said in a blog post.

The company first The cryptocurrency-focused fund was launched three years ago, during what is now known as the “cryptocurrency winter”. That year, the value of bitcoin cratered about 80% from the top in 2017. The latest bottom also arrives in another bearish moment for bitcoin.

The world’S original cryptocurrency has lost roughly half its value from the maximum close to $ 60,000, in April. Only this week, it is on track for a loss of 20%. Haun and Dixon noticed the asset volatility of the class, and stated that “prices may fluctuate but innovation keeps increasing with each cycle”.

“We believe the next wave of IT innovation will be driven by cryptocurrencies “, the partners wrote, adding that they are” radically optimistic about the potential of cryptocurrencies “.

The company is well known for early bets on companies like Facebook, Instagram, Lyft and Pinterest. Andreessen Horowitz made his first move inside digital asset space via Coinbase in 2013. Coinbase is gone public via a direct list this year, and it’s down approximately 50% of its high on the day of listing.

Andreessen Horowitz is also a first investor in Supported by Facebook digital currency project libra, now known as diem, which went through a series of rebranding e faced opposition from global regulators.

The company has mail in game in companies like OpenSea and Dapper Labs, fueling the recent NFT boom and have said so plans to focus on “decentralized finance”. Also known as “defi”, the term used to describe traditional financing applications, like loan or bank, built on the same technology which is at the base bitcoin. The company said so plans to contain these investments in cryptocurrencies for a decade or more.

These digital asset investments are led by Haun partners, a former attorney of the Department of Justice, and Dixon, who founded and operated two start-up before joining Andreessen Horowitz. Haun helped launch the Justice Department first government task force for crypto and it worked on the first high profile case related to cryptocurrency, Silk Road.

Andreessen Horowitz also announced a wave of new hiring for the fund, including former Head of Securities and Exchanges Bill Hinman, who want join the company as a consulting partner. Rachel Horwitz, who guided communications on Twitter, Google and Facebook, joined as a operating partner.

Read More About Business News around the World here!

Source

Leave a Reply