Andreessen Horowitz said Wednesday it formed a new $4.5 billion fund that will invest in cryptocurrency and Web 3 companies.
- The fund is the firm's fourth to target digital assets, with over $7.6 billion being raised in total.
- Of the $4.5 billion, $1.5 billion will go towards seed investments while the rest is being set aside for venture investments.
- "We think we are now entering the golden era of Web 3," the company said in its announcement, adding that it's "excited" about developments in blockchain gaming, decentralized finance (DeFi), decentralized social media and non-fungible tokens (NFT).
- Bitcoin (BTC) is currently down 56% from a peak in November, while altcoins such as SOL and AVAX – to name just two – have shredded more than 80% in respective market caps.
Update (May 25, 12:50 UTC): Adds details on the firm's interest in specific sectors and market information.
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