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.
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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.
