Andreessen Horowitz – an American Private Venture Capital, announced a venture named “a16z crypto” with a fund worth $300 million for digital currency protocols and firms. A general partner at Andreessen Horowitz – Chris Dixion, talked about the same thing in one of his posts, which contains details of the features of the conventional venture capital. Prior to this time, the company had invested in digital currency firms such as CryptoKitties and Coinbase.
Chris said they have been investing in digital currencies for over five years now. He said they have never sold any of those investments, and they do not have plans of selling any anytime soon. He said they structured the “a16z crypto” fund to be able to maintain their investments for more than ten years.
The Focus of the Venture Fund
The a16z crypto is aimed at non-speculative use cases and it offers operational support to entrepreneurs in the digital currency world. Katie Haun – the former federal prosecutor of the Department of Justice, will be the one to head this venture.
She has worked with the Department of Justice for about ten years and she’s a part of the board members of HackerOne Inc. and Coinbase Inc. at the moment. She has also been appointed as the newest General partner at Andreessen Horowitz.
A Reddit user that goes by the name Ethereumcpw said: “new investment in the digital currency space by thoughtful long-term investors is highly welcomed. The arrival time of these investments seems relatively good considering the fact that most digital currencies, despite their quantity, have lost seventy percent or more of their values from their all-time highs. Also, based on the timing, it probably will not hurt that one of the investees of a16z, Coinbase, is expected to list a bunch of ERC-20 tokens very soon.
These are the kinds of announcements the digital currency space needs. If more news like this emerge in the coming weeks, then the value of digital currencies might begin to correct higher.