American Private Venture Capital, Andreessen Horowitz announced a $300 million worth venture fund named “a16z crypto” for cryptocurrency companies and protocols.
Chris Dixion, General partner at Andreessen Horowitz mentioned the same in one of his Twitter posts, which detailed the features of the traditional venture capital. Earlier, the firm had invested in cryptocurrency companies such as Coinbase and Cryptokitties.
“We’ve been investing in crypto assets for 5+ years,” he wrote. “We’ve never sold any of those investments, and don’t plan to any time soon. We structured the a16z crypto fund to be able to hold investments for 10+ years.”
a16z crypto focuses on non-speculative use cases and provides operational support to entrepreneurs in the cryptocurrency world.
This venture will be headed by the former federal prosecutor of the Department of Justice, Katie Haun. She has served the Justice Department for 10 years and is a part of the board members of Coinbase Inc and HackerOne Inc at present. Katie has been appointed as the latest General Partner at Andreessen Horowitz.
A Redditor named Ethereumcpw says:
“New investment in the space by thoughtful long-term investors is most welcomed. Their timing seems relatively good given most assets, irrespective of quality, are down 70% or more from peak levels. Also, timing-wise, it probably won’t hurt that one of a16z’s investees, Coinbase, is expected to soon list a bunch of ERC20 tokens.”
Michael Goldstein, the President of Nakamoto Institute says:
“I look forward to seeing what Bitcoin Core development y’all fund with this!”
Amer Ameen, a Twitterati says:
“@cdixon It is initiatives like these, during a bear market, that give me more confidence than ever!”
Matt Lockyer, a blockchain developer says:
“@cdixon People who watch price, while contributing nothing to the ecosystem deserve to be rekt both financially and nervously. #BUIDL. What I love about the @a16z crypto announcement is the timing! It’s perfect “
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