VC firm Andreessen Horowitz raises its first crypto fund
$300 million to be invested in the next big crypto thing 💸
Posted on June 25, 2018 8:50 PM.
Andreessen Horowitz (a16z) just announced their new $300 million fund for crypto-related projects, ...
... even as bitcoin and other cryptocurrencies have struggled to find footing this year.
The fund will be invested in early-stage coins and tokens, in addition to more established projects like bitcoin or ethereum. a16z views crypto similarly to how mobile apps were viewed in 2009 and 2010. There are a lot of talented developers and entrepreneurs building apps in the space, and despite the fluctuations in crypto, they view it as the optimal time to invest, especially during downturns.
Even if bitcoin prices dropping 50 percent this year signaled a “crypto winter,” Andreessen Horowitz will keep investing aggressively, Dixon said.
Andreessen Horowitz's first investment in the space was Coinbase in 2013, and they haven't sold off any of their investments yet.
While some crypto investments are based on speculation, which is betting on the value of the token, a16z hopes to invest in more real-world projects, that deliver value beyond just monetary gain. As part of the fund, a16z is bringing on the former U.S. Department of Justice prosecutor Katie Haun to help lead the project as a general partner, and is a16z's first female general partner.
Haun helped launch the Justice Department's first government task force for crypto, and worked on the first high-profile cryptocurrency-related case, Silk Road. She is also on the board of directors of Coinbase and taught Stanford Law School’s first-ever course on digital currency and cybercrime.
The fund will be invested over the next two to three years, with a “patient” and long-term approach. a16z plans on holding all of their investments for the next 10 years. If you're looking to invest in crypto yourself, Coinbase just rolled out their new Pro platform 🤑
Interested in product and tech related news? Check out the Sip News app by Product Hunt. Every weekday, Sip surfaces the most exciting and essential tech stories of the day. You can download it now for iOS or Android.
Sip News Summaries
The most important tech stories, curated daily.