Venture Capital firm Andreessen Horowitz has announced the raising of a new $2.2 billion fund that will be channeled towards cryptocurrency investment.
In a blog post, the firm backed by Coinbase and Facebook indicated that the fund would help find the next generation of visionary crypto founders.
The post adds that the fund will back projects across all stages, from early seed to fully developed later-stage networks.
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The firm noted that the decision to raise a significant fund towards digitals assets is in line with the belief that cryptocurrencies are here to stay. The fund’s partners Chris Dixon, Katie Haun, and Ali Yahya acknowledge that there is still more ground to cover despite the increase in crypto popularity.
“Despite this momentum, we are still at the very early stages of what is possible. The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives,” the blog post read.
The latest fund is significant unlike Andreessen Horowitz’s previous two funds of $350m and $515m.
Onboarding crypto experts
The blog post notes that the cryptocurrency sector is currently facing regulatory uncertainties alongside misconceptions that hinder mainstream adoption.
The firm, therefore, announced the onboarding of experts in the sector to help with the renewed focus on cryptocurrencies. Some of the experts are from the fields of marketing, public relations, policy and regulatory affairs.
The development comes as the cryptocurrency sector faces regulatory uncertainties resulting in high market volatility. Notably, Bitcoin has corrected by almost 50% in the wake of a renewed regulatory crackdown in China.
[binance]
