Andresen Horowitz has recently announced that he is launching a crypto-venture dedicated to the expansion of the size and marketability of various blockchain projects, implying that venture funds have turned their attention to digital assets, and are true to the industry.
The crypt-focused venture is co-led by Andreesen Horowitz in partnership with Chris Dixon, and Katie Haun. The venture, known as Crypto Fund 3 is the biggest venture yet, amounting to $2.2 billion, which was announced on Thursday morning. According to the official statement, the venture will be used for financing blockchain networks and terms that contribute to establishing the new decentralized economy.
The announcement also mentioned that the funds will attract the next generation of crypto founders, and allow them to invest in new blockchain areas. The company also stated that they will invest in every stage of a blockchain project whether it is on a small-stage or fully established large networks.
The size of the new portfolio will be much bigger than the $1 billion venture that was rumored to have been under development by Andreesen Horowitz. The new venture is building off Crypto Fund 2, an early investment launched by the company back in August 2020.
In addition to the announcement, the venture also stated it has recruited a team of five executives including the former director of SEC of the U.S, Bill Hinman, a former communications leader of Twitter, Google and Facebook Rachel Horowitz, and Tomich Tillemann, the global head of policy who has served as the senior adviser for President Joe Biden, and Hillary Clinton.
Alex Price, the founder of a quantitative research firm that was acquired by Digital Currency Group Genesis Capital, has also joined the team. Brent Mcintosh, who has just served in the Treasury for International Affairs as Under Secretary.