Andreessen Horowitz's (a16z) second crypto fund exhibits the enterprise capital agency is focusing on particular areas to put money into the cryptocurrency house.
The firm mentioned Thursday it had raised a complete of $515 million - greater than the unique $450 million goal - for a second fund referred to as "Crypto Fund II," devoted to cryptocurrency and blockchain initiatives. It's in addition greater than $150 million raised for VC's first crypto fund, which launched again in the summer of 2019.
In the weblog publish declarative the brand new fund, a16z says it's wanting into initiatives touching next-generation funds, localized finance (DeFi), new monetisation fashions and Web3 (the idea of a localized web).
On DeFi, the place complete worth bimanual the billion-dollar milepost earlier this 12 months, a16z mentioned it detected excessive potential inside the composability of belongings. "DeFi opens the components of finance to the same recombination and experimentation that makes open-source computer software so powerful," it mentioned.
This Marks a distinction to a16z's first crypto fund. In its preliminary funding thesis, the VC talked about a handful of what it detected as attention-grabbing use circumstances, together with stablecoins, monetary inclusion and the tokenization of real-world belongings.
However, it enclosed the caveat that "we are still early in the crypto movement. The infrastructure necessarily to be improved and the applications are difficult for non-early adopters to use. Many crypto applications still get dismissed as toys."
Thursday's weblog publish suggests a16z now considers the business could have reached important mass.
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