Though crypto markets look like on an extended, arduous path forward based mostly on current weeks of token turmoil, enterprise traders trying to get their palms on a Web3 future aren’t slowing down.
On Wednesday, enterprise capital large, A16Z, announced closing its fourth cryptocurrency fund at $4.5 billion. This brings the overall cash invested by Andreessen Horowitz in digital forex and blockchain enterprise to greater than $7.6 billion.
The brand new funding automobile will give attention to early-stage concepts in addition to tasks which can be extra mature and have already proven some traction. In keeping with the agency, $1.5 billion of the funding can be used for seed injections, whereas $3 billion can be devoted to enterprise investments.
#Web3 let’s go https://t.co/prjwqLqitt
— Nexus Crypto (@nexuscryptoo) May 25, 2022
Regardless of the present market downtown, the agency is optimistic about discovering contemporary prospects. Marc Andreessen, the co-founder of A16Z, commented that cryptocurrencies are nonetheless of their “early innings,” including that the market has a variety of development potential.
The fourth crypto fund has been within the works for a while; Cointelegraph first reported on it in January. It doubles the scale of the earlier crypto fund and demonstrates the rising curiosity among the many agency’s restricted companions in boosting their publicity to cryptocurrency companies.
The brand new funding has come lower than a yr since Andreessen Horowitz introduced the launch of its $2.2 billion Crypto Fund III. A16z’s dominance has made waves within the crypto business all through current months, with a number of crypto native firms like Paradigm and Electrical Capital elevating huge sums to compete in opposition to it.
Associated: $3B flows to metaverse and Web3 gaming this month as a16z ideas in $600M
Previously recognized for investments in Instagram and Slack, the agency first entered the crypto sector with an funding in Coinbase in 2013. It has since backed plenty of crypto companies, together with Polychain Capital, OpenSea, Solana (SOL), Avalanche (AVAX) and Yuga Labs.
