Silicon Valley firm Andreessen Horowitz announced a $2.2 billion cryptocurrency fund.
“We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviours are permitted, and how economic benefits are distributed,” Andreessen general partners Chris Dixon, Katie Haun, and Ali Yahya said in a blog post, according to a report.
Andreessen Horowitz is the biggest shareholder in Coinbase Global Inc, the largest cryptocurrency exchange in the United States. “The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives,” the blog said, according to a report.
“We believe that the next wave of computing innovation will be driven by crypto,” they wrote, adding that they’re “radically optimistic about crypto’s potential.”
The venture capital firm also announced new hires including Bill Hinman, the former director of the U.S. Securities and Exchange Commission’s (SEC) division of corporation finance, who will join its crypto arm as an advisory partner, and Tomicah Tillemann, who served as a senior adviser to U.S. President Joseph Biden and two Secretaries of State and was chairman of the Global Blockchain Business Council, will join as global head of policy, the firm said.