Summary List Placement
Andreessen Horowitz (a16z) announced Thursday it is launching a $2.2 billion crypto fund to deploy more capital across blockchain and digital asset projects.The fund, called “Crypto Fund III,” is a16z’s third and largest crypto venture fund.
“The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives,” Katie Haun and Chris Dixon, partners who will co-lead the fund, said in a blog post.The Financial Times reported in April that the venture capital firm would be raising $1 billion for a crypto fund. After that news, several VCs told Insider that firms have been scrambling to get into crypto deals.
A16z’s first crypto-focused fund in 2018 ushered in $300 million of LP commitments. Its second fund, which closed in April 2020, brought…