Even though cryptocurrency markets seem to have a long and arduous road ahead of them based on recent volatility-filled weeks for various tokens, venture capitalists looking to get their hands on the future of Web 3.0 aren’t slowing down.
On Wednesday, the venture capital giant, A16Z announced the closure of its $4.5 billion Crypto Fund IV. With this, the total money invested by Andreessen Horowitz in digital currency and blockchain companies amounts to more than USD 7.6 billion.
The new investment vehicle will focus on early-stage ideas, as well as more mature projects that have already shown some relevance. According to the company, $1.5 billion of the financing will go to seed injections, while $3 billion will go to venture investments.
#Web3 let’s go https://t.co/prjwqLqitt
— Nexus Crypto (@nexuscryptoo) May 25, 2022
Despite the current market situation, the company is optimistic about discovering new prospects. Marc Andreessen, co-founder of A16Z, commented that cryptocurrencies are still in their “early stages”, adding that the market has a lot of growth potential.
The fourth cryptocurrency fund has been in the works for some time; Cointelegraph first reported on it in January. It doubles the size of the previous cryptocurrency fund and demonstrates the growing interest of the company’s limited partners in increasing their exposure to cryptocurrency projects.
The new funding comes less than a year after Andreessen Horowitz announced the launch of his $2.2 billion Crypto Fund III. The dominance of A16z has caused a stir in the cryptocurrency industry over the past few months, with several cryptocurrency natives such as Paradigm and Electric Capital raising huge sums to compete against her.
Previously known for her investments in Instagram and Slack, the company first entered the cryptocurrency space with an investment in Coinbase in mid-2013. Since then he has backed a number of cryptocurrency companies, including Polychain Capital, OpenSea, Solana, Avalanche, and Yuga Labs.
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