The private venture capital firm Andreessen Horowitz (a16z) has announced the company is investing $515 million into the cryptocurrency industry. The firm says its “excited” to bolster crypto networks and businesses. Further, the company hopes to strengthen ideas like next-generation payments, a modern store of value, decentralized finance, content monetization, and Web 3.0 concepts.
Andreessen Horowitz Invests Over $500M Into the Crypto Industry
Two executives from the venture capital firm Andreessen Horowitz; Chris Dixon, and Katie Haun announced a new venture called the Crypto Fund II on Friday. The venture capital firm will invest $515 million into the long-term development of “crypto networks and businesses.” Andreessen Horowitz has been an investor in cryptocurrency solutions and blockchain technologies since 2013. The company’s founders Marc Andreessen and Ben Horowitz are firm believers in the digital currency revolution. In 2014 in an opinion editorial for the New York Times, Marc Andreessen wrote an article called “Why Bitcoin Matters” describing the plethora of benefits bitcoin has to offer.
“Bitcoin at its most fundamental level is a breakthrough in computer science – one that builds on 20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world,” Andreessen said at the time. “Bitcoin is the first practical solution to a longstanding problem in computer science called the Byzantine Generals Problem,” the venture capitalist added. The announcement on Friday shows that the company Andreessen Horowitz and it’s founders still wholeheartedly believe in the cryptocurrency economy.
“Investments made in internet technologies over the last several decades have given rise to products and services used every day by billions of people, including messaging, video conferencing, ecommerce, and everything in between,” the company revealed on May 1, 2020. The private investment firm
