Andreessen Horowitz, a prime VC firm known for its dedication to cryptos, is going to rely on these assets again. The company is aggressively piling into digital coins, and it has established its first-ever fund for that.
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Andreessen Horowitz Doubling Down On Cryptos
According to CNBC, the venture capital firm Andreessen Horowitz has gathered $300 million for its novel fund devoted to cryptocurrency companies. The firm notified about this on June 25, as per the report.
In the span of 2-3 years, the firm intends to pile all these funds into everything related to cryptos – from “green” tokens to such digital giants as Bitcoin and Ethereum. After that, it plans to “hodl” all that for a decade.
Such a long-term interest tin crypto-investment can be explained by the “patient” approach of the firm in the industry, Chris Dixon, the general partner at Andreessen Horowitz. Regarding the issue, he has said this week:
“We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more. There’s potential in the technology, and some of the downturns can be the best investments.”
Crypto-Winter Will Never Come
Dixon added that the novel fund will use the “all-weather” approach, which means that the firm would invest in its continually, no matter what the market conditions are. He said that even if BTC price halves, Andreessen Horowitz will continue putting money into it.
“There are wild fluctuations in the price, and we see that as an opportunity. We’ve been unphased and investing consistently over time,” Dixon said.
The firm’s partner noted that as in 2009-2010 there was an inflow of devs and businesspeople into the work on smartphone apps was on the verge of popularity, now there is the best time to invest in virtual assets.
In accordance with Andreessen Horowitz claims, the first time it piled into digital assets was five years ago via Coinbase, one of the most popular crypto-venues, headquartered in California. Since that time, the firm claims to have no experience in selling all those investments.
At the same time, for the new fund, the investment requirements are going to be flexible and range across various asset types, geographies as well as stages. Aldo, Dixon said:
“We believe we are still early in the crypto movement.”
First Female General Partner to Lead The Crypto-Fund
Another surprise that Andreessen Horowitz has notified about is that its new effort is going to be led by the firm’s first female general partner. Her name is Katie Haun, who used to be a prosecutor at the US Department of Justice.
Haun has got pretty enough experience in the crypto-industry. For instance, she assisted in the setoff of the US gov’t’s first task force for crypto. She also worked on the first high-profile cyber-money-related case, Silk Road. Moreover, Haun is at the board of Coinbase directors and has taught a first crypto-course at Stanford Law School.
In the photo: Marc Andreessen, co-founder and general partner of Andreessen Horowitz