Despite the fact that crypto markets look like on an extended, arduous path forward primarily based on current weeks of token turmoil, enterprise traders seeking to get their fingers on a Web3 future aren’t slowing down.
On Wednesday, enterprise capital large, A16Z, introduced closing its fourth cryptocurrency fund at $4.5 billion. This brings the full cash invested by Andreessen Horowitz in digital foreign money and blockchain enterprise to greater than $7.6 billion.
The brand new funding car will give attention to early-stage concepts in addition to tasks which are extra mature and have already proven some traction. In keeping with the agency, $1.5 billion of the funding shall be used for seed injections, whereas $3 billion shall be devoted to enterprise investments.
#Web3 let’s go https://t.co/prjwqLqitt
— Nexus Crypto (@nexuscryptoo) May 25, 2022
Regardless of the present market downtown, the agency is optimistic about discovering recent prospects. Marc Andreessen, the co-founder of A16Z, commented that cryptocurrencies are nonetheless of their “early innings,” including that the market has a whole lot of progress potential.
The fourth crypto fund has been within the works for a while; Cointelegraph first reported on it in January. It doubles the dimensions of the earlier crypto fund and demonstrates the rising curiosity among the many agency’s restricted companions in boosting their publicity to cryptocurrency companies.
The brand new funding has come lower than a yr since Andreessen Horowitz introduced the launch of its $2.2 billion Crypto Fund III. A16z’s dominance has made waves within the crypto trade all through current months, with a number of crypto native firms like Paradigm and Electrical Capital elevating monumental sums to compete in opposition to it.
Associated: $3B flows to metaverse and Web3 gaming this month as a16z ideas in $600M
Previously identified for investments in Instagram and Slack, the agency first entered the crypto sector with an funding in Coinbase in 2013. It has since backed plenty of crypto companies, together with Polychain Capital, OpenSea, Solana (SOL), Avalanche (AVAX) and Yuga Labs.