A16z, a leading venture capital firm in the crypto space, is reportedly increasing its investment in the space this year. The company is said to be looking for $4.5 billion to invest in different cryptocurrency-related funds. This amount is more than double the entire amount the company invested in cryptocurrencies last year.
A16z doubles down on cryptocurrencies
A16z will reportedly continue funding cryptocurrency-related projects this year.The venture capital firm focuses on investing in technology-related companies with over $28 billion in assets and is seek Invested $4.5 billion in two different crypto-related funds this year.
A16z will seek $3.5 billion to invest in a new cryptocurrency fund and $1 billion to back another fund aimed at seed investments in early-stage startups, according to people briefed at the exploratory meeting to complete the fund.
The company is reportedly looking for different players to get the funding back, and the A16z is said to be targeting April as the month to hit the target. If the company does manage to raise capital, it will be one of the largest funds in the history of the cryptocurrency space. Last year, A16z invested more than $2 billion in crypto startups. The move, if completed, would more than double the amount the company invested last year.
Crypto Investments and Opposition
Last year, A16z managed to make some early investments in the cryptocurrency space. In August, the company invest In an unsecured cryptocurrency-based lending platform called Truefi.In the same month, it also invest In a game-making guild called Yield Guild games, the guild identified investment opportunities in blockchain games.
Later, in October, the company lead A funding round for Alchemy, one of the leading web3 infrastructure providers.And in November, the A16z also lead Blockchain game company Mythical Games Series C investment.
A16z and others’ interest in crypto, metaverse, and web3-related projects has made them the target of recent criticism. Former Twitter CEO Jack Dorsey call out Those who want to own the current virtual world by investing in startups.Elon Musk also criticize The state of web3 said it seemed more like a buzzword than reality, but he was excited about the future the sport could bring.
What do you think of the new fund a16z plans to launch later this year? Let us know in the comments section below.
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