Investment firm Andreessen Horowitz announced a $4.5 billion fund for crypto and blockchain companies and startups (or Web3.0 startups).
It marks Andreessen’s fourth fund for the asset class and brings its total raised for crypto and Blockchain investments to $7.6 billion.
The new $4.5 billion fund doubles the size of their last crypto fund. The firm last year announced a $2.2 billion Crypto Fund III.
“We think we are entering the golden era of web3. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users,” said Chris Dixon, general partner at Andreessen Horowitz.
“We’ve been investing in crypto since 2013, and today we’re announcing our fourth crypto fund, totaling $4.5 billion.”
Of that, approximately $1.5 billion will be dedicated to seed investments, and $3 billion to venture investments.
“This brings our total crypto/web3 funds raised to over $7.6 billion,” said Dixon.
The VC firm is going to use these funds to invest in promising web3 startups at every stage.
A16Z recently announced the creation of a16z crypto research, a new kind of multidisciplinary lab that will work closely with its portfolio and others toward solving the important problems in the space, and toward advancing the science and technology of the next generation of the Internet.
Global crypto mayhem last week wiped out Bitcoin worth $3.5 billion — created to defend and support the TerraUSD (UST) stablecoin which saw a total crash — and no one has any idea how such a large sum of funds disappeared.
Nearly 80,394 Bitcoin worth $3.5 billion were purchased by the Luna Foundation Guard, the non-profit organisation set up to promote the growth of the Terra ecosystem this year, according to Blockchain analytics firm Elliptic.
In total, over $15 billion in cryptocurrency value was wiped after the TerraUSD stablecoin collapsed.