ho still see a lot of promise in the industry. In the latest example of that commitment, Andreessen Horowitz said Wednesday that it had raised a $4.5 billion crypto fund, the industry’s largest to date.
The firm is dedicating $3 billion to venture investments and $1.5 billion to seed investments. The fund, the fourth crypto-dedicated investment vehicle for Andreessen Horowitz, brings its total digital-asset-focused efforts to $7.6 billion. It has backed some of the biggest names in blockchain, including crypto exchange Coinbase Global Inc., nonfungible-token marketplace OpenSea, NBA Top Shot creator Dapper Labs and Sky Mavis, the developer of NFT game Axie Infinity.
With the fund, Andreessen Horowitz blows past initiatives raised in the past year by “crypto-native” firms that have been some of the industry’s biggest cheerleaders. They argue that they better understand the complexities of blockchain and the politics of token governance in comparison to traditional firms that spread out their bets. Included in this cohort is Haun Ventures, the firm started by former Andreessen Horowitz general partner Katie Haun, who raised $1.5 billion dedicated to crypto investments.