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Andreessen Horowitz raises $ 515 million for a new cryptocurrency fund, exceeding the original goal

April 30, 2020

The large venture capital company Andreessen Horowitz is expanding its presence in the cryptocurrency sector. The US-based company raised $ 515 million for its second crypto-focused fundAccording to an article on Fortune on April 14th.

Earlier reports indicated that Andreessen Horowitz, also known as a16z, He hoped to accumulate $ 450 million in capital for the new vehicle, meaning that the company has exceeded its original goal of $ 65 million.

The new fund will focus on blockchain startups

Similar to Andreessen Horowitz’s first crypto-oriented fund, which raised $ 300 million in 2018, The new efforts are reported to focus on blockchain projects, although the Fortune report does not mention startups that work with digital assets.

Andreessen Horowitz raises $ 515 million for a new cryptocurrency fund, exceeding the original goalAndreessen Horowitz raises $ 515 million for a new cryptocurrency fund, exceeding the original goal

Chris Dixon, general partner of the venture capital giant, said about the blockchain:

“It is very rare for important new computer paradigms to emerge, and we believe that this is on the order of the cloud and mobile devices for the Internet.”

Dixon added that he hoped that many new blockchains would be launched in 2020. This includes Dfinity, a blockchain-based cloud computing project that a16z has already supported through its first cryptocurrency fund.

Andreessen Horowitz’s previous crypto investments and projects

As one of the first venture capital firms to enter the room Andreessen Horowitz has invested in various crypto projects, including Libra, Maker DAO (MKR) and Coinbase.

The company’s involvement in the cryptocurrency industry isn’t just limited to investments. In December 2019, a16z announced a free seven-week crypto startup training that is expected to begin in February 2020. However, there has been no update since then.

Cointelegraph has asked Andreessen Horowitz for more information but has not heard from the company yet. This story will be updated when we get an answer.

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