Silicon Valley VC launches $300m crypto fund
Global venture capital firm Andreessen Horowitz has raised a $300 million fund to back new cryptocurrency-related ventures or invest directly in digital currencies.
Kathryn Haun, a former prosecutor at the Department of Justice, has become the firm’s first female general partner and will co-lead the new fund alongside general partner Chris Dixon.
Over the next two to three years, the firm plans to invest in early-stage coins and tokens as well as later-stage networks including bitcoin or ethereum.
Dixon told CNBC the firm will be taking a long-term and “patient” approach in the space.
He said: "We've experienced ups and downs in the cryptocurrency market, and expect there will be many more.
"There’s potential in the technology, and some of the downturns can be the best investments."