Andreessen Horowitz is launching a $300 million fund to invest in crypto

[krisjonn]

Andreessen Horowitz general partners Chris Dixon and Katie Haun

As the price of bitcoin slips to a 2018 low, top Silicon Valley venture firm Andreessen Horowitz shows it’s not backing down with the launch of a $300 million venture fund, called a16z crypto, which will invest in cryptocurrency companies and protocols.

Leading the effort alongside partner and crypto fanatic Chris Dixon is Katie Haun, a former prosecutor who helped bring down corrupt agents on the Silk Road task force, as well as the head of BTC-E, a digital currency exchange popular with criminals.

Haun is the first-ever female general partner at Andreessen Horowitz. The new crypto fund will invest in companies and protocols at all stages, from seed-stage pre-launch projects to fully developed later-stage networks like bitcoin and Ethereum. The firm said it plans to hold investments for over 10 years, which means it cares a lot less about the day-to-day fluctuations in price than about building long-term platforms and infrastructure that it hopes will serve billions of people someday.

The plan is to invest consistently over time, even in the event of another “crypto winter.” Bitcoin fell below $6,000 on Sunday, reaching a new low for the year.

"We’ve been investing in crypto assets for five-plus years. We’ve never sold any of those investments, and don’t plan to anytime soon,” Dixon said in a statement.

Dixon believes that products and services built on the blockchain will someday be used by “hundreds of millions and eventually billions of people,” he told Business Insider.

Source: https://www.businessinsider.sg/andreessen-horowitz-a16z-crypto-fund-2018-6