Venture Capital Giant Andreessen Horowitz Raises .5 Billion Crypto Fund Amid Market Stagnation
Silicon Valley-based venture capital firm Andreessen Horowitz on Wednesday announced it is launching a staggering $4.5 billion digital assets funds.
Unfazed by the crypto markets stagnation, the new fund comes at the back of a recently announced $600 million metaverse fund.
In a note, Andreessen Horowitz general partner Chris Dixon, explains that the decision to launch the latest fund was made as the world is about to enter the “golden era” of Web 3.0. He said:
“Since the advent of computing in the 1940s, there has been a major computing cycle every 10-15 years, including PCs in the ‘80s, the internet in the ‘90s, and mobile computing in the ‘00s.
We believe blockchains will power the next major computing cycle, which we call crypto or Web 3.0. We think we are now entering the golden era of Web 3.0. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users.
More importantly, a massive wave of world-class talent has entered Web 3.0 over the last year. They are brilliant and passionate and want to build a better internet.”
Dixon added that Andreessen Horowitz will allocate the funds to invest in emerging Web 3.0 technologies, such as metaverse games, decentralized finance (DeFi) and social media protocols, non-fungible token (NFT) communities, decentralized autonomous organizations (DAOs).
Another partner of the investment giant, Arianna Simpson, appeared on CNBC and explicated that crypto winters are a perfect opportunity for launching investment funds as the market is more focused on upgrading the network and pushing innovations. She said:
“Bear markets are often when the best opportunities come about when people are actually able to focus on building technology rather than getting distracted by short-term price activity.”
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Source: igaming
