Venture capital firm Andreessen Horowitz (a16z) has just announced it has completed fundraising for its third crypto fund in which it has attracted $2.2 billion. The company has reported on a press release:
"The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Just a few months ago it was known a16z was preparing to launch a new large crypto fund of between $1 billion and $2 billion. Previously, journalist Eric Newcomer wrote:
"Andreessen Horowitz's competitors claim the company wants to make money on fees. This is a generous reward that a company receives simply for taking money from other people. The crypto fund plans to charge about 2.5% fees for most of the first decade. Out of a $2 billion fund, its earnings in fees alone will amount to as much as $50 million annually."
A source familiar with the situation said the main investors were the limited partners of the previous a16z funds, for whom the company had provided high returns.