Venture capital firm Andreessen Horowitz has announced plans for “Crypto Fund III”, which will be backed by an additional $2.2 billion of investment capital.
Andreessen Horowitz’ Crypto Fund III is by far the biggest fund dedicated to crypto to date. Investments from its first two crypto funds include renowned startups from Uniswap to Protocol Labs. The new fund will be allocated to projects of all stages, from new startups to established companies.
A16z partners Chris Dixon and Katie Haun wrote in a blog post announcing the new fund: “We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed," said a16z partners Chris Dixon and Katie Haun in a blog post announcing the new fund.
The move is just the latest of Andreessen Horowitz’s crypto ventures. Back in 2018, it made a big bet on crypto with a $300 million investment fund and in 2020, it created a $510 million crypto fund.
The firm, known in the tech world as a16z, also revealed a series of high-profile appointments, including that of former SEC official Bill Hinnman. Hinnman is well-known in the crypto world for his ruling that Ethereum is not a security.