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Venture capital behemoth Andreessen Horowitz is set to launch another fund that is solely dedicated to investing in the cryptocurrency industry, according to The Financial Times.
a16z will reportedly raise $450 mln for its second crypto fund, but it is yet to determine its maximum size
A major crypto bet
Andreessen Horowitz launched its first dedicated fund for cryptocurrency investors back in 2018. It collected $350 mln to spend all this money on everything crypto — from startups and obscure coins to Bitcoin (BTC). The holding period of the VC shop can stretch to a whole decade.
Shortly after its launch, a16z Crypto received an investment from American investor David Swensen who runs Yale’s $30 bln endowment.
The firm is also a member of Facebook’s Geneva-based Libra Association that has lost a slew of high-profile backers due to immense regulatory pressure.
Upping the ante
Last November, Andreessen Horowitz launched a school for training cryptocurrency entrepreneurs, which underscored its commitment to the industry.
The $450 mln crypto fund, however, appears to be a risky bet during the COVID-19 crisis. As reported by U.Today, a whopping 80 percent of crypto and blockchain startups are on the brink of bankruptcy in Zug’s ‘Crypto Valley.’
Even before the deadly pandemic, venture capital funding for crypto companies plunged 40 percent in 2019.
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