What’s Going On?
Cryptocurrency VC pathfinder Andreessen Horowitz is preparing a separate fund to buy and sell crypto assets, reported Recode.
Why Does It Matter?
Recode said two job listings posted on Andreessen’s website indicate the firm is looking for new employees to work on a “separately managed fund focusing on crypto assets”.
Listings for a legal counsel spell out some details – the newly-appointed lawyer would be responsible for making sure Andreessen Horowitz’s crypto investments are SEC-compliant and the firm makes it clear this person would need to “operate in an area where the regulatory, legal and business climate remains largely unsettled”.
Sounds Like Crypto?
CNBC and others certainly agree, and Recode’s editorial team said: “The move could be a significant broadening of the high-profile firm’s mission, and would serve as another big industry moment as investors seek to capitalize on the flurry of activity in cryptocurrencies.”
Andreessen Horowitz was one of Silicon Valley’s earliest and most enthusiastic investors in cryptocurrencies and blockchain-based startups, making early investments in Ripple and Coinbase, reported the Silicon Valley Business Journal. The Journal said it remains unclear if Andreessen will use a new fund to group future investments in the blockchain, or whether the fund will buy and sell blockchain assets directly.