Andreessen Horowitz announced the hire of Kathryn Haun as a general partner and one of the two primary investors of a new $300 million fund, a16z crypto.
Andreessen Horowitz has raised $300 million to put resources into a cryptocurrency-related startup named “a16z crypto.” The fund will be driven by former government prosecutor, Kathryn Haun and Chris Dixon.
Haun is quickly progressing toward becoming Andreessen Horowitz’s first female general partner, is best known in the tech hovers industry for bringing down a degenerate FBI agent associated with the notorious Silk Road investigation. She is also know for establishing the first-ever crypto team.
Chris Dixon, general partner at Andreessen Horowitz, said the firm is taking a long-term and “patient” approach in the space. “We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more,” Dixon told CNBC. “There’s potential in the technology, and some of the downturns can be the best investments.” “There are wild fluctuations in the price, and we see that as an opportunity,” Dixon said. “We’ve been unphased and investing consistently over time.” “We believe we are still early in the crypto movement,” he said.
He depicted it as an “all-weather” fund that they intend to contribute reliably after some time, paying little mind to economic situations. Regardless of whether bitcoin costs dropping 50 percent this year flagged a “crypto winter,” Andreessen Horowitz will continue contributing forcefully, Dixon said.
The VC firm has likewise been putting resources into digital currency organizations since no less than five years. The firm initially put resources into famous US exchange company Coinbase in 2013. Andreessen Horowitz put resources into a few digital currencies following Coinbase including TrustToken, Basis, Polychain Capital, TradeBlock, and OpenBazaar.
Be that as it may, its second real funding didn’t come until 2018 when it drove a $12 million venture round in blockchain-based game Cryptokitties. VCs used to abstain from putting resources into digital currency organizations because of vulnerability of control. As the administrative fog clears in nations like the U.S., even they have been taking dynamic interest.
“We want to see crypto move beyond the speculation phase and see it eventually solve real-world problems for millions or even billions of people,” SEC Chairman Jay Clayton said in June.