VC giant Andreessen Horowitz bullish on crypto with new $515M fund

VC giant Andreessen Horowitz bullish on crypto with new $515M fund

US Venture Capital giant Andreessen Horowitz is betting big on crypto again with a new fund worth over half a billion dollars.

Two years after raising US$300 million [AU$465 million] for its first investment fund devoted to cryptocurrency platforms, the Silicon Valley VC firm Andreessen Horowitz has raised a second fund targeting the industry.

According to reports, the second investment fund rounds up a total of US$515 million.

The firm, founded in 2009, has been highly successful with its investments which include Skype, Airbnb, Lyft, Stripe, and Coinbase.

In a statement, the company confirmed its bullish stance on blockchain and decentralized digital assets, adding:

“Unlike existing systems where the sender and receiver must have fee-extracting bank infrastructure in place, payment blockchains require no bank account, thereby opening up financial services to the two billion-plus unbanked worldwide.”

The statement made particular reference to decentralized finance (DeFi) which is a crypto collateral-based lending and borrowing market primarily based upon Ethereum.

“With programmable trust, scarcity, and value as new building blocks, DeFi opens the components of finance to the same recombination and experimentation that makes open-source software so powerful,” it added.

Andreessen Horowitz clearly sees the potential of this fledgling market which could, in time, totally reshape the financial landscape, putting the monetary power back into the hands of the people rather than the bankers.

Image courtesy of Jason Briscoe/Unsplash

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