a16z aims to raise $2 billion for its third crypto fund: report

Investments • May 28, 2021, 5:03PM EDT
the block

Andreessen Horowitz's third crypto fund could garner $2 billion if all goes according to plan, sources told venture capital writer Eric Newcomer for his newsletter. 

Last month, a report from the Financial Times indicated that the a16z-led crypto fund would draw anywhere from $800 million to $1 billion, as The Block previously noted. 

A16z has already poured a substantial amount of its capital into crypto startups, with a recent focus on network scaling and non-fungible tokens (NFT) marketplaces. 

The most recent investments were $8 million toward the NFT platform startup RTFKT on May 5, with $23 million put toward the more prominent OpenSea NFT marketplace on March 18. A16z has invested in other digital collectible projects like Dapper Labs and CryptoKitties in the past. 

In addition to NFT marketplaces, a16z’s crypto portfolio includes investments in crypto infrastructure like Bitcoin and Ethereum, DeFi projects such as Uniswap and exchanges like Coinbase.

AUTHOR

MK Manoylov profile picture MK Manoylov

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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