Venture Capital Firm Andreessen Horowitz Raises $515 million Crypto-Oriented Fund
US-based major Venture Capital firm Andreessen Horowitz has raised $515 million as its second crypto fund dedicated for the cryptos. As per the firm’s expansion strategy in crypto industry, it has been focusing on crypto-related activities by segregating the millions of funds for cryptos.
The fund will support crypto and blockchain startups and will be utilized to buy and hold crypto assets as well. Earlier reports indicated that $450 million have been set apart as the crypto funds but the new development suggests that it has been increased by $65 million which makes it $515million.
The Fund focused on Blockchain Startups
In 2018, the Andreessen Horowitz (also called as 16z) had segregated $300 million as its first crypto fund. The latest fund will mainly be utilized for launching the blockchain-based startups.
General partner of Andreessen Horowitz, Chris Dixon who also leads this fund along with Katie Haun wrote on a blog:
“It very rare that major, new computing paradigms comes along and we think this is on the scale of cloud and mobile for the Internet.”
He further added that he expects many new launches of blockchain in 2020 firms through this initiative. One of the launches includes the launch of Dfinity firm which is a blockchain-based cloud computing project.
Huan and Dixon have disclosed their enthusiasm stating that they are excited about the payment systems, decentralized finance, digital stores of value, Web3 and the new avenues of monetization.
First fund Portfolio firms of the Company
The Andreessen Horowitz is the first venture capital firm which has invested huge capital in the crypto industry. The venture capital firm has been running a crypto startup school along with some of its partners. This course offers seven weeks, free of charge academic learning program.
Andreessen Horowitz has helped the Dfinity to raise $163 million in two funding rounds. It has invested in other crypto firms as well including the Maker DAO (MKR), Coin base ($25million), Compound and Filecoin among others. Other firms on the first fund portfolio include Arweave TrustToken and Celo.
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CBW - External Analyst