Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil

Even though crypto markets look to beryllium connected a long, arduous way up based connected caller weeks of token turmoil, task investors looking to get their hands connected a web3 aboriginal aren't slowing down.

On Wednesday, task superior giant, A16Z, announced closing its 4th cryptocurrency money astatine $4.5 billion. This brings the full wealth invested by Andreessen Horowitz successful integer currency and blockchain concern to much than $7.6 billion.

The caller concern conveyance volition absorption connected early-stage ideas arsenic good arsenic projects that are much mature and person already shown immoderate traction. According to the firm, $1.5 cardinal of the backing volition beryllium utilized for effect injections, portion $3 cardinal volition beryllium dedicated to task investments.

#Web3 let's spell https://t.co/prjwqLqitt

— Nexus Crypto (@nexuscryptoo) May 25, 2022

Despite the existent marketplace downtown, the steadfast is optimistic astir discovering caller prospects. Marc Andreessen, the co-founder of A16Z, commented that cryptocurrencies are inactive successful their "early innings," adding that the marketplace has a batch of maturation potential.

The 4th Crypto Fund has been successful the works for immoderate time; Cointelegraph archetypal reported connected it successful January. It doubles the erstwhile crypto fund's size and demonstrates the increasing involvement among the firm's constricted partners successful boosting their vulnerability to cryptocurrency firms.

The caller backing has travel little than a twelvemonth since Andreessen Horowitz announced the motorboat of its $2.2 cardinal Crypto Fund III. A16z's dominance has made waves successful the crypto manufacture passim caller months, with respective crypto autochthonal companies like Paradigm and Electric Capital raising tremendous sums to vie against it.

Related: $3B flows to metaverse and Web3 gaming this period arsenic a16z tips successful $600M

Formerly known for investments successful Instagram and Slack, the steadfast archetypal entered the crypto assemblage with an concern successful Coinbase successful 2013. It has since backed a fig of crypto businesses, including Polychain Capital, OpenSea, Solana, Avalanche and Yuga Labs.