The funds are expected to focus on supporting Web3 startups at every stage.
On May 25, an American-based private venture capital firm Andreessen Horowitz (a16z) announced that it would launch its fourth cryptocurrency fund estimated at $4.5 billion. Additionally, the company will allocate $1.5 billion to seed investments and $3 billion to venture injections, which will bring the digital currency firm to more than $7.6 billion.
The VC company will use these funds to support early Web3 startups, but also other enterprises that are more developed and have already demonstrated some impact on the ecosystem.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is a Crypto Mining Rig? Is it Worth it? (EASILY Explained)
On top of that, according to the official statement, a general partner of a16z Chris Dixon expressed his excitement about delving into the development of Web3 games, DeFi, Layer-1 & Layer-2 infrastructure, NFT communities, decentralized social media, and a number of other areas.
Despite the fact that the crypto industry is on a shaky road currently, a number of venture capitalists seek to be part of the golden era of Web3. Dixon commented on its significance and stated:
“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 web3 over the last year.”
Cryptocurrencies are still in their early days as the market has a lot of room for development.
Andreessen Horowitz (a16z) is a VC firm located in California that backs entrepreneurs that build the future through technology. a16z manages $19.2B in assets across numerous funds, including the $3.1B crypto funds.
Earlier this month, Andreessen Horowitz (a16z) stated that it would launch a $600 million inaugural fund called GAMES FUND ONE to support Web3-based gaming startups.
In other news, the VC technology platform and asset management institution Fasanara has initiated a significant $350 million investment fund to support crypto and fintech startups.
