Silicon Valley-based venture capital firm, Andreessen Horowitz, has made public its plan to back crypto and blockchain companies with a $4.5 billion fund, as revealed by CNBC.
Andreessen Horowitz Bullish on Crypto
Jointly established by Marc Andreessen and Ben Horowitz on July 6, 2009, Andreessen Horowitz majors in channeling investments into start-ups and growth firms, across a number of industries. The decision to launch the $4.5 billion fund comes in the midst of a market decline.
The latest investment by the venture company isn’t the first of its kind though. In what was its first crypto-focused fund, made during the crypto winter of 2018, the company raised $300 million.
Ariana Simpson, a general partner at the venture capital firm in a phone interview with CNBC, believes the bullish run would continue as long as people pay more attention to the ongoing price activity. A bear market would be achieved by building technologies, instead.
Crypto has witnessed a huge crash lately but Simpson has maintained a cool and calm composure in the face of the decline. According to her, the company invests in only top echelon companies whose projects are deemed to meet their bar.
Instagram and Pinterest are just two of many companies that have earlier been tipped to success by the company. While the latest fund is the company’s fourth digital assets related fund, its first major investment in crypto was in 2013, with Coinbase.
Crypto-backed Investments Lost $141 Million Last Week
Andreessen Horowitz could inspire a possible bearish turn in the coming weeks or months but much has already been lost amidst an agonizing bullish run.
Speculations of a bearish run was in place a fortnight ago but that isn’t to happen yet. Recent data from Coinshares shows a loss of $141 million crypto-backed investment funds, just within last week.
In contrast, $274 was gained by the end of the previous week. Bitcoin-backed funds suffered the most with an outflow of almost $154 million.
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