What’s Going On?
Andreessen Horowitz has come clean over “the worst-kept secret” in crypto investments.
Why Does It Matter?
Andreessen Horowitz announced a $300 million investment fund that will focus on cryptoassets and blockchain projects, reported Fortune.
The company has invested in cryptocurrency companies for some time, including stakes taken in digital-wallet company Coinbase and the game company Cryptokitties, reported Wired.
We first reported on the new fund in April. But Andreessen Horowitz didn’t formally announce it until last week, reported Forbes. While the company has deals in the pipeline, it hasn’t made any investments yet.
The fund had become the worst-kept secret in the venture industry, reported TechCrunch. Other venture firms are have been watching a16z’s investments in crypto-related startups over the past five years in order to establish their own strategies in this space.
The new fund will also be managed by Andreessen Horowitz’s first female general partner, Katie Haun, reported TechCrunch.