Recent declines in the price of bitcoin (BTC) and other cryptocurrencies have not stopped venture capital firm Andreessen Horowitz from wanting to invest in them. Chris Dixon, general partner at Andreessen Horowitz, told CNBC the firm has raised $300 million for its first fund dedicated to crypto companies.
Over the next two or three years investments will run the gamut from early-stage coins and tokens to well-developed networks such bitcoin and Ethereum, and will hold those investments for up to 10 years. Dixon said this is part of the firm’s “patient” approach.
“We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more,” Dixon said. “There’s potential in the technology, and some of the downturns can be the best investments.”
Running the fund will be Andreessen Horowitz’s first female general partner, former U.S. Department of Justice federal prosecutor Katie Haun. Considering the SEC’s stance on cryptocurrencies, that background can’t hurt. Read more here.