The private American venture capital firm, Andreessen Horowitz, has raised $515 million in its second round of funding dedicated to cryptocurrencies and blockchain projects.
According to reports, the funding, which was completed on Thursday, was led by first fund portfolio companies including Celo, Filecoin, Anchorage, Arweave, and TrustToken.
Andreessen Horowitz is one of the earliest believers of the future of the crypto and blockchain industry. This had made the company invest in several cryptocurrencies such as Bitcoin and Ether (ETH) alongside blockchain projects like MakerDAO, Celo and Compound.
Andreessen Horowitz raised $300 in first investment fund
The Silicon Valley venture capital had made similar fundraising where it raised about $300 million which was also devoted to crypto-related projects. The company, however, took a bold step by registering with the Securities and Exchange Commission (SEC) to become an investment advisor and this gave it the liberty to invest in several digital assets including actual cryptocurrencies.
A co-leader of the fund, Chris Dixon said that in the years to come, he is anticipating to see a lot of blockchain-based companies in the fund. This includes those that had been involved in the previous fund such as Dfinity, a blockchain project that aims to replace large firms like Amazon in computing via a decentralized alternative dubbed “world computer.”
“It’s very rare that major, new computing paradigms come along, and we think this is on the scale of cloud and mobile for the Internet,” Dixon added.
Another co-leader of the fund, Kate Haun, a former federal prosecutor and board member of Facebook’s Libra Association, acknowledged that Andreessen Horowitz has planned to make its investments long-term, as long as 10 years.
Speaking on the investment fund, Haun said, “we’re a crypto venture fund, not a crypto hedge fund. We invest in them after evaluating the technologies and don’t trade them.”
As a member of the board of the Libra Association, Kate Haun may have advocated for Libra seeing as the project has been getting several new members such as Shopify despite losing major investors like PayPal, MasterCard, and Visa last year.
The Libra project, which has received a lot of backlashes from financial regulators around the world has been redesigned to get regulatory approval and has since been getting a lot of major investors.
This article is Originally posted on CoinCentral.com
Author: Obike Favour