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Laxman Pai, Opalesque Asia: The Silicon Valley venture capital firm Andreessen Horowitz (A16z) has raised a $4.5 billion crypto fund, the industry's largest to date, despite the market downturn.
The fourth fund, which is dedicated to web3 startups and projects, brings its total funds raised for digital currency investments so far to more than $7.6 billion.
"We think we are now entering the golden era of Web 3," the company said in its announcement, adding that it's "excited" about developments in blockchain gaming, decentralized finance (DeFi), decentralized social media, and non-fungible tokens (NFT).
Chris Dixon, General Partner at Andreessen Horowitz stated: "More importantly, a massive wave of world-class talent has entered Web 3 over the last year. They are brilliant and passionate and want to build a better internet. That's why we decided to go big. We've been investing in crypto since 2013, and today we're announcing our fourth crypto fund, totaling $4.5 billion."
About $1.3 billion from the Crypto Fund IV will be used to invest in seed rounds of startups and $3 billion for venture investments, the company said in a blog post.
The launch comes during a rough period for the cryptocurrency market, which has seen a selloff in bitcoin and the collapse of algorithmic stablecoin TerraUSD and its sister cryptocurrency Luna.
The new fund is double the size of the last one the VC firm launched last year. A16z's third fund nabbed $2.2...................... To view our full article Click here
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