Andreessen Horowitz Declares New $4.5 Billion Fund For Web3.0 Startups
By CEOInsights Team, 0
According to the investment firm, in the last decade, the world of crypto and Web3.0 has like wise emerged as a new frontier in technology. The new $4.5 billion fund doubled the size of their last crypto fund. Last year, they announced $2.2 billion Crypto Fund-III. “We think we are now entering the golden era of Web3.0. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users. We’ve been investing in crypto since 2013, and today, we’re announcing our fourth crypto fund, totalling $4.5 billion. Approximately $1.5 billion will be dedicated to seed investments, and $3 billion to venture investments. This brings our total crypto/Web3.0 funds raised to over
$7.6 billion”, said Chris Dixon, General Partner at Andreessen Horowitz.
The VC firm is going to use these funds to invest in promising Web3.0 startups at every stage. A16Z recently announced the creation of a16z crypto research, a new kind of multi-disciplinary lab that will work closely with its portfolio and other towards solving the important problems in the space, and towards advancing the science & technology of the next generation of the Internet. The announcement came as global crypto mayhem last week wiped-out Bitcoin worth $3.5 billion, created to defend and support the TerraUSD(UST)stable coin which saw a total crash and no one has any idea how such a large sum of funds disappeared. Nearly 80,394 Bitcoin worth $3.5 billion were purchased by the Luna Foundation Guard, the non-profit organization set-up to promote the growth of the Terra ecosystem this year, according to Blockchain analytics firm Elliptic. The sudden meltdown dealt a crushing blow to many tech-savvy young investors who betted big on the algorithmic cryptocurrencies, seen largely as experimental, amid the recent boom in cryptocurrency assets. Luna’s value collapsed in one of the most stunning crypto crashes ever recorded. In total, over $15 billion in cryptocurrency value was wiped after the TerraUSD stable coin collapsed.
In the last decade, the world of crypto and web3.0 has likewise emerged as a new frontier in technology
The VC firm is going to use these funds to invest in promising Web3.0 startups at every stage. A16Z recently announced the creation of a16z crypto research, a new kind of multi-disciplinary lab that will work closely with its portfolio and other towards solving the important problems in the space, and towards advancing the science & technology of the next generation of the Internet. The announcement came as global crypto mayhem last week wiped-out Bitcoin worth $3.5 billion, created to defend and support the TerraUSD(UST)stable coin which saw a total crash and no one has any idea how such a large sum of funds disappeared. Nearly 80,394 Bitcoin worth $3.5 billion were purchased by the Luna Foundation Guard, the non-profit organization set-up to promote the growth of the Terra ecosystem this year, according to Blockchain analytics firm Elliptic. The sudden meltdown dealt a crushing blow to many tech-savvy young investors who betted big on the algorithmic cryptocurrencies, seen largely as experimental, amid the recent boom in cryptocurrency assets. Luna’s value collapsed in one of the most stunning crypto crashes ever recorded. In total, over $15 billion in cryptocurrency value was wiped after the TerraUSD stable coin collapsed.