Roughly three years after releasing its first crypto-related product, the private US venture capital firm a16z has outlined plans to double down via a ‘radically optimistic’ digital asset fund. The company’s partners called the industry ‘the future of finance.”
Founded in 2009, Andreessen Horowitz is a venture capital giant operating from California that has already launched several pro-cryptocurrency products. It has also previously participated in the funding rounds of numerous DeFi protocols, including Uniswap.
According to a CNBC coverage from June 24th, a16z plans to release its largest fund focused on digital assets yet. Its initial capital will be $2.2 billion, which the company intends to distribute across blockchain and cryptocurrency start-ups.
“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.” – commented Katie Haun and Chris Dixon, who run the company’s digital assets arm.
Despite the market’s infamous high volatility, which saw prices correct with double-digits on some occasions, Haun and Dixon believe the next “wave of computing innovation will be driven by crypto.”
Consequently, they classified the new fund as a “radically optimistic” initiative with high aspirations for the industry.
Additionally, Andreessen Horowitz has hired numerous new personnel for the fund, including former Securities and Exchange Director Bill Hinman.