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Venture capital firm Andreessen Horowitz, known as a16z, has launched a new $2.2 billion U.S. cryptocurrency fund.
The new fund, called the “Crypto Fund 5,” will invest in crypto entrepreneurs with capital deployed over a decade.
Andreessen Horowitz says that it is doubling down on blockchain start-up companies amid a wave of venture capital flows into artificial intelligence (A.I.) technologies.
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The new fund will also target founders who are building practical applications on cryptocurrency infrastructure, especially in areas such as payments and financial services. In a blog post, Andreessen Horowitz said that it sees opportunities in the current crypto market despite the downturn of the past six months.
As such, the VC firm is aiming to invest in founders who are building projects that are durable and can last over the long-term.
One of the areas where Andreessen Horowitz says it sees big investing opportunities is with stablecoins as adoption continues to grow, particularly with cross-border payments.
Other areas that are seeing meaningful growth include perpetual futures, blockchain-based lending, prediction markets, and tokenized assets, said a16z.
The new fund from Andreessen Horowitz is about half the size of its previous cryptocurrency fund, which raised $4.5 billion U.S. in 2023.
Andreessen Horowitz is a private company and its stock doesn’t trade on a public exchange.