$2 Billion, Andreessen Horowitz, Ben Horowitz, Businesses, Coinbase, coinbase shares, crypto economy, Crypto Ecosystem, Crypto Fund II, Crypto Fund III, crypto industry, crypto investment, Eric Newcomer, ETH Holdings, Ethereum, Marc Andreessen, Paradigm, Startups, Talos, uniswap

In May 2020, back when the crypto economy was still tumultuous from the coronavirus outbreak fears and gloomy global financial outlook, in general, the private venture capital firm Andreessen Horowitz (a16z) revealed the 500 million-dollar “Crypto Fund II.†A report published on May 27 by the tech writer Eric Newcomer indicates that Andreessen Horowitz is contemplating $2 billion in financing for the next crypto fund.

Former Bloomberg Reporter Says ‘a16z in the Process of Tripling Down on Crypto’

The well known venture capital firm Andreessen Horowitz founded by Marc Andreessen and Ben Horowitz back in 2009 has been a driving force in the crypto industry in regard to financing projects and startups. Marc Andreessen has been a firm believer in bitcoin for quite some time now and a16z has funneled millions of dollars into the industry during the last eight years.

In recent times, Andreessen Horowitz launched two funds dedicated to the development of “crypto networks and businesses.†Bitcoin.com News reported on the last venture revealed by the a16z executives Katie Haun and Chris Dixon when the two revealed the Crypto Fund II.

That specific fund invested $515 million into networks, startups, and businesses dedicated to the blockchain and crypto asset industry. Now the former tech writer for Bloomberg, Eric Newcomer, details that a16z third crypto fund is “in talks to raise $2 billion.â€

“Andreessen Horowitz is in the process of tripling down on crypto, raising its third crypto fund since 2018,†Newcomer said. “Sources tell me that Andreessen Horowitz is targeting $2 billion for its third crypto fund. That’s double the size of what many people are expecting,†he added.

Someone Familiar With the Matter Told Newcomer a16z Sold ‘at Least Some of Its Ethereum Holdings’ Before the Market Downturn

Newcomer’s source also disclosed that Andreessen Horowitz has “distributed at least some of the Coinbase shares soon after Coinbase went public.†Moreover, the firm had ethereum (ETH) holdings and a source familiar with a16z’s operations said “the firm sold at least some of its Ethereum holdings at around $3,800 before the price crashed.â€

The report further added that there seems to be an “arms race†in cryptocurrency investments as Fred Ehrsam and Matt Huang’s Paradigm have been making waves. “The Andreessen fund and Paradigm have frenemy status. I hear that some Andreessen Horowitz partners are limited partners in Paradigm,†the author’s report details.

On the same day, a16z revealed an investment into the crypto firm Talos, Newcomer also said he hears “a lot of buzz about investment Uniswap.†Of course, similar to Bloomberg’s reporting, Newcomer’s source is someone familiar with the matter.

“It will be just as interesting to see who dives into crypto as it will be to see who decides to sit this goldrush out. But Andreessen Horowitz looks like it will be well positioned to fund the next Coinbase,†Newcomer concluded.

What do you think about Andreessen Horowitz tripling its crypto fund to $2 billion? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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