$450 million: Andreessen Horowitz launches second cryptofund

by in Cryptocurrency News

Andreessen Horowitz fund

Silicon Valley US venture company Andreessen Horowitz (a16z) has begun raising funds for investors in a second blockchain-oriented fund with assets up to $450 million, the Financial Times reports.

Related: AlphaPoint raised $5.6 million in an added round of funding

The company expects that due to the continued interest of investors in the industry despite the turbulence of the market in March and the COVID-19 pandemic, the task will be able to be closed in a week.

The company launched a similar fund with assets of $300 million in the summer of 2018. The VC company had spot investments in the Coinbase, the crypto hedge fund Polychain Capital and the crypto custodian services provider Anchorage.

It also became a member of the Libra Association and invested in DeFi projects Maker, Compound and dYdX.

The launch of the fund may become significant against the backdrop of disappointing statistics from Eurekahedge. Calculated by the analytical firm Crypto-Currency Hedge Fund Index, it indicated the closure of 42 crypto funds since the beginning of 2018. In 2019, 70% of the 740 monitored funds turned out to be unprofitable with an average loss of 70%.