Though crypto markets seem like on an extended, arduous path forward primarily based on latest weeks of token turmoil, enterprise traders trying to get their fingers on a web3 future aren’t slowing down.
On Wednesday, enterprise capital large, A16Z, introduced closing its fourth cryptocurrency fund at $4.5 billion. This brings the overall cash invested by Andreessen Horowitz in digital foreign money and blockchain enterprise to greater than $7.6 billion.
The brand new funding automobile will concentrate on early-stage concepts in addition to initiatives which might be extra mature and have already proven some traction. Based on the agency, $1.5 billion of the funding shall be used for seed injections, whereas $3 billion shall 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 numerous development potential.
The fourth Crypto Fund has been within the works for a while; Cointelegraph first reported on it in January. It doubles the earlier crypto fund’s measurement 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 trade all through latest months, with a number of crypto native firms like Paradigm and Electrical Capital elevating monumental sums to compete towards it.
Associated: $3B flows to metaverse and Web3 gaming this month as a16z ideas in $600M
Previously identified for investments in Instagram and Slack, the agency first entered the crypto sector with an funding in Coinbase in 2013. It has since backed a variety of crypto companies, together with Polychain Capital, OpenSea, Solana, Avalanche and Yuga Labs.
