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Latest Events in the Crypto Industry

VC Giant Andreessen Horowitz Announces Its Third $2.2.B Crypto Fund

On Thursday, June 24, Venture capital giant Andreessen Horowitz (Ai6z) announced raising a massive $2.2 billion for its Crypto Fund III. The recent commitment from Andreessen comes at a time when the crypto market is relatively undoing massive correction.

GPs Chris Dixon and Katie Haun will be running the Crypto Fund III. Besides, the venture capital firm is also looking to expand its management team that looks after the crypto vertical. In its official press release, the company mentions:

“The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure”.

Andreessen Horowitz has been among one of the most active investors in the crypto space. The venture capital giant has also been an early investor in Coinbase global INC. A16z netted $450 million from selling its Coinbase holdings immediately post its holdings.

Back in 2018, Andreessen Horowitz announced its first crypto fund raking $300 million of LP commitments. Its second fundraise came last year in April 2020 as the company clocked $550 million. The venture capital has now four times suggesting its aggressive penetration in the market.

The recent fundraising is a clear testament to the fact that institutional participation and interest in crypto continue to grow. Moreover, this move also helps Andreessen Horowitz to cement its market positions and compete with giants like Tiger Global. With the latest announcement, Andreessen’s total assets under management have moved past $18.8 billion.

Source: Coinspeaker