Silicon Valley enterprise capital agency Andreessen Horowitz stated at this time it has raised $515 million for a second fund to spend money on blockchain and cryptocurrency.
The enterprise capital agency, based by Marc Andreessen (pictured) and Ben Horowitz in 2009, has been a prolific and extremely profitable VC agency because it was established in 2009. Andreessen Horowitz’s investments embrace Skype Inc., Appito Inc., Airbnb Inc., Lyft Inc., Stripe Inc. and Coinbase Inc., to call just a few.
The brand new fund is targeted on investing in blockchain know-how. “Fee blockchains are selecting up the place bitcoin left off, fixing for forex volatility and settlement transaction instances,” Andreessen Horowitz’s Chris Dixon and Katie Huan stated in a statement. “Not like present methods the place the sender and receiver should have fee-extracting financial institution infrastructure in place, cost blockchains require no checking account, thereby opening up monetary providers to the 2 billion-plus unbanked worldwide.”
Apparently, the assertion from Andreessen Horowitz particularly highlighted DeFi. An abbreviation of the phrase decentralized finance, DeFi is a platform for digital belongings, monetary good contracts, protocols and decentralized purposes constructed on the Ethereum blockchain. As DeFi Pulse explains, it’s basically monetary software program constructed on the blockchain that may be pieced collectively like cash Legos.
The assertion from the VC agency additionally mentioned what it refers to as Net 3.”We’re nonetheless early on this Net 3 build-out,” Dixon and Huan stated. “Excessive-performance programmable blockchains will make decentralized community improvement rather more accessible. After years of R&D, we’re excited that various next-gen programmable blockchains will start rolling out within the close to future.”
A16z, because the agency is understood, was within the information earlier today after it invested in Figma Inc., an interface design platform is utilized by the likes of Microsoft Corp. and Twitter Inc. The VC agency led a spherical of $50 million into the startup on a $2 billion valuation.
The VC agency raised $300 million for its first blockchain and cryptocurrency fund, buying and selling beneath the identify of AH Capital Administration LLC (a16z) in June 2018. A16z’s funding checklist is long.
Photograph: jdlasica/Flickr
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