Despite crypto markets showing all the bad signs of possible crypto winter, Andreessen Horowitz â the well-known Silicon Valley venture capital firm, has Thursday launched a new $2.2 billion cryptocurrency fund.
The new fund will invest in blockchain and cryptocurrency assets and companies at all stages of development. Representatives of the company said on launching the fund that they have never been more excited about the future of crypto than they are now.
âThis fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto.
âThe history of crypto shows that asset prices may fluctuate but innovation continues to increase through each cycle. Weâve never been more excited about where crypto is headed and weâre going all-in on the talented, visionary founders who are determined to be part of cryptoâs next chapter. If youâre one of them, weâd love to hear from you.â
In launching the new crypto fund, the company sees crypto as being not just the future of finance but also capable of transforming âall aspects of our livesâ according to Katie Haun and Chris Dixon, partners who run Andreessenâs cryptocurrency group. They affirmed crypto will drive the next wave of computing innovation.
Andreessenâs stated the size of the new fund spoke to the size of the opportunity they see in cryptocurrencies. The company considers crypto as being in its early stages of development, and so the opportunity couldnât be huger for them.
This new fund takes the companyâs crypto funds tally to three. It launched yet another crypto fund valued at $515 million in March this year. Andreessen launched the first crypto fund in 2018, also at a time when crypto prices were dwindling after the meteoric 2017 price pumps that saw Bitcoin attain a $20,000 price mark for the first time.
The new investment also adds to other of the companyâs crypto-related investments since entering the space by investing in Coinbase in 2013. It is also invested in OpeanSea and Dapper Labs Decentralized finance projects, and it intends to hold these investments for at least a decade.
