At the beginning of the week, Andreessen Horowitz announced the creation of a hedge fund “a16z crypto” to invest in cryptocurrencies and the blockchain industry.
Despite the general decline of the market, the uncertainty of the legal field and increased attention from regulators to ICO projects and cryptocurrency investments, a venture fund from Silicon Valley decided to create the first investment fund focused exclusively on cryptocurrency projects and ICO.
The experience of investing in high-tech industries and crypto projects over the past five years has convinced the venture corporation of the promise of the crypto market.
The fund has successfully introduced Coinbase, BuzzFeed, CryptoKitties, Facebook, Lyft and similar projects into its investment portfolio. The latest investment of $20 million, jointly with other corporations, was made in the asset tokenization platform TrustToken on June 18. The investment giant had already reached its limit in cryptocurrency investments, so it spun off a new hedge fund as a separate legal entity.
Now Andreessen Horowitz's capital will, through "a16z crypto", support startups aimed at developing practical use cases for blockchain technologies and expanding the scope of their activities in the crypto industry
The new cryptocurrency fund "a16z crypto" plans to invest in crypto projects, regardless of the types of assets used, the stage of development of the project and its geographical location. Moreover, the structure of the hedge fund is designed for long-term, fundamental investments for up to 10 years.
To implement grandiose plans, Catherine Haun, a member of the board of Coinbase and HackerOne, and a former prosecutor of the US Department of Justice, has already been invited to the fund’s team. The head will be Chris Dixon, who oversees the investment direction in the crypto industry at Andreessen Horowitz.
Since the beginning of the year, the cryptocurrency market has attracted considerable capital from Wall Street: George Soros, Wenrock, and Rockefeller. Now Silicon Valley investment giants are confirming the investment potential of digital assets and blockchain technology.
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