Andreessen Horowitz is ready for a good deeper foray into the cryptocurrency market. The Silicon Valley Enterprise Capital (VC) agency not too long ago introduced the launch of a $300 million cryptocurrency fund. Dubbed “a16z crypto,” the fund will give attention to non-speculative use circumstances of blockchain know-how.
Particulars of the a16z Cryptocurrency Fund
Asserting the fund, Chris Dixon, Normal Accomplice at Andreessen Horowitz, stated 16z crypto would spend money on cryptocurrency firms and protocols. Dixon additionally defined that the agency was dedicated to leveraging conventional VC values into bettering the digital forex area.
The a16z cryptocurrency fund will present entry to the agency’s working groups. Thus, digital forex startup entrepreneurs will have the ability to profit from the technical experience of the corporate’s working groups. In accordance with Dixon, Andreessen Horowitz is dedicated to collaborating actively within the governance of firms that may profit from the fund.
One main criticism of companies within the digital forex area is the dearth of actual utility, with most initiatives being characterised as speculative investments. On this observe, the a16z cryptocurrency fund is designed to give attention to non-speculative use circumstances. Commenting on this level, Dixon additionally stated:
We would like companies powered by crypto protocols for use by lots of of tens of millions and ultimately billions of individuals. Crypto tokens are the native asset class of digital networks, however the underlying, sensible makes use of circumstances drive their worth.
Other than the a16z cryptocurrency fund, Andreessen Horowitz has a historical past of investing in cryptocurrency firms, most notably Coinbase and CryptoKitties. Earlier this 12 months, the agency led a coalition of Silicon Valley corporations to foyer policymakers in Washington to make sure crypto-friendly rules.
VC Agency Hires First Feminine Normal Accomplice
The VC agency additionally introduced the appointment of Katie Haun as a common associate on the a16z crypto fund. Haun turns into the agency’s first ever feminine common associate. Haun is just not an unknown amount within the cryptocurrency area. She was an investigator on each the Mt. Gox debacle and the case the place two federal brokers had been convicted on corruption costs stemming from their investigation into Silk Highway.