Venture capital firm Andreessen Horowitz has launched a new $515 million fund to invest in crypto networks and businesses.
The California company says it’s particularly interested in supporting the areas of next-generation payments, modern stores of value, decentralized finance and new monetization methods.
Andreessen Horowitz also wants to invest in the development of web 3, saying the arrival of new third-generation tech is imminent.
“High-performance programmable blockchains will make decentralized network development much more accessible. After years of R&D, we are excited that a number of next-gen programmable blockchains will begin rolling out in the near future.”
The $515-million total exceeded Andreessen Horowitz’s minimum target of $450 million. The venture capital giant raised $300 million for its first crypto fund, which launched in 2018.
Upon making the announcement, Andreessen Horowitz also invited crypto entrepreneurs to reach out.
“In the same way that it wasn’t obvious in 2007 how applications on top of mobile phones would change so many aspects of the ways in which we move, consume, travel, communicate, and even date, it’s hard to imagine what the very best apps and use cases will be for blockchain-based computing platforms.
In just a decade of existence, crypto has gone through several waves. With each new wave, the applications of crypto extend to a greater number of categories and more visionary entrepreneurs enter the space. If you’re one of them, we’d love to hear from you.”
The firm started investing in the blockchain and cryptocurrency industry in 2013.
Among its many investments in the space are Coinbase, Dfinity, TrustToken, Filecoin, Celo, Maker and Arweave.
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