Silicon Valley venture capital firm Andreessen Horowitz is doubling down on its crypto investments despite the market downturn.
Andreessen Horowitz has announced a new $4.5 billion fund that will invest in cryptocurrency and Web 3 companies, according to an official statement.
- The fund is the firm’s fourth to target digital assets, with over $7.6 billion being raised in total.
- Of the $4.5 billion, $1.5 billion will going towards seed investments and the rest being set aside for venture investments.
- “We think we are now entering the golden era of web3,” the company said, adding that it’s “excited” about developments in blockchain gaming, DeFi, decentralized social media and NFTs.
- Previous funds were raised in June of last year and in April of 2020, both of which came shortly after crypto market downturns.
- Bitcoin is currently down 56% from a peak in November, whilst altcoins like SOL and AVAX – to name just two – have shredded more than 80% in respective market caps.
BY: Oliver Knight
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