US large venture capital (VC) “Andreessen Horowitz (a16z)” seems to be planning a third cryptocurrency venture fund. Coinpost reported this on the 1st.
A16z, one of Silicon Valley’s highest VCs, is leading the investment in cryptocurrency startups while holding stocks of hundreds of companies, including Facebook, Rift, and Instagram, in its portfolio. In addition to the recently listed Coinbase, various cryptocurrency related companies such as Ripple, DeFi (decentralized finance) compound (COMP), NBA Top Shot, and other cryptocurrency-related companies such as Dapper Labs (FLOW) and Arweave (AR) aresuing NFT (non-replaceable tokens) It is also making initial investments in the project.
This time, a16z aims for a new fund of between $800 million and $1 billion (approximately 8916 to 1,145 billion won). Details of which sectors the fund is investing in cryptocurrency companies are not known.
In April of last year, a16z established the second cryptocurrency-related fund “Crypto Fund II”, raising a total of $51.5 billion (approximately 574 billion won). This fund specializes in next-generation payments, DeFi, and Web3. In terms of the amount of financing, the third fund reported this time could be less than twice that of Crypto Fund II.
[About coin-based stock]
a16z is one of Coinbase’s early investors. Listed on Nasdaq on April 14, a16z sold some of its shares worth about $450 million (about 501.5 billion won).
In addition, the same coinbase investor, ICE (the parent company of the New York Stock Exchange and Bakt), sold 1.4% of its stock. This is equivalent to 1.2 billion dollars (about 1.337 trillion won). ICE was investing in Coinbase in 2015.
In addition, among Coinbase executives, by April 16, CEO Brian Armstrong had 2% of its holdings, Alesia Haas CFO 15%, Emily Choi COO 24%, and Jennifer Jones CAO (Chief Accounting Officer) 38% of executives. It turns out that it sold.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.