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Andreessen Horowitz is launching a new $ 2.2 billion fund to invest more money in crypto networks, the venture capital giant said in a blog post on Thursday.
The move follows a series of media reports in April that the company, which had been investing in crypto assets since 2013, was looking to raise up to $ 1 billion to invest in cryptocurrencies and crypto startups.
“We believe the next wave of IT innovation will be crypto-driven,” the company said, adding that it would invest at all stages from early start-up projects to fully developed networks at a later stage.
“It has been an exciting time for crypto as awareness and adoption of crypto brands and products has exploded.”
Cryptocurrencies have gained support from leading companies this year including BNY Mellon, BlackRock Inc, Mastercard Inc and Visa, hinting that they will become a regular part of investment portfolios.
Andreessen Horowitz also said that Bill Hinman, the former director of the corporate finance division of the United States Securities and Exchange Commission (SEC), will join his crypto branch as an advisory partner.
Hinman worked as the regulator’s point of contact on cryptocurrencies.
Tomicah Tillemann, who served as a senior adviser to US President Joseph Biden and two secretaries of state and chairman of the Global Blockchain Business Council, will join as global policy chief, said Andreessen Horowitz.
Brent McIntosh, who served as Under Secretary of the Treasury for International Affairs and coordinated the G7’s work on cryptocurrencies, will also join as an advisory partner.
Andreessen Horowitz is the major shareholder of Coinbase Global Inc, the largest US cryptocurrency exchange.
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