Silicon Valley venture capital firm Andreessen Horowitz has unveiled a new $4.5 billion crypto fund despite the ongoing downturn in the global financial markets, according to a report from Techcrunch.
The new fund is double the size of the last one the VC firm launched last year. About one-third of the new fund will be used for seed deals exclusively to ward off competition from native crypto VC firms, Paradigm and Electric Capital, the report said.
“We can’t predict the future state of the market, but we work with our companies to make sure they’re well capitalised to handle the storms,” Arianna Simpson, general partner at Andreessen Horowitz, told Techcrunch.
Andreessen Horowitz’s crypto investments include the likes of Coinbase,
CoinSwitch Kuber, and OpenSea, among others.
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