Venture capital firm Andreessen Horowitz has launched a $ 2.2 billion Crypto Fund III to develop projects using blockchain and cryptocurrencies.
The company began supporting the cryptocurrency industry back in 2018 by opening a $ 300 million fund.Last year, Andreessen Horowitz launched a new $ 510 million cryptocurrency fund. The funds from these funds were used to finance well-known startups such as Uniswap, Compound, Dapper and Protocol Labs.
The launch of the new fund suggests that the company has decided to go all-in to boost the cryptocurrency industry. Crypto Fund III is the largest cryptocurrency fund today. It is aimed at the development of cryptocurrency projects, whether it is a new startup or a company that has been in the market for a long time.
Andreessen Horowitz partners Chris Dixon and Kathryn Haun believe that cryptocurrencies and blockchain have great potential for creating new governance systems. In them, different communities can make collective decisions about the development of the network, establish rules of conduct in it and distribute economic benefits. While the value of cryptoassets can fluctuate widely, innovation does not stand still and grows with each cycle, Hon said.
In addition, the company’s team was replenished with five managers. These include former head of communications at Twitter, Google and Facebook Rachel Horowitz, former senior adviser to Hillary Clinton Tomicah Tillemann, and former Commissioner of the US Securities and Exchange Commission (SEC ) Bill Hinman, known for his statements that ether is not considered a security.
As a reminder, in 2019, Andreessen Horowitz held meetings with Washington regulators to convince them of the potential of cryptocurrencies, and also hosted a free course on cryptocurrencies for entrepreneurs.
