Even with cryptocurrency market cap leader Bitcoin down by about 70 percent from its high in late December, it isn’t stopping Andreessen Horowitz, a prominent Silicon Valley venture capital firm known for its profitable technology investments, from diving deeper into cryptocurrencies with a $300 million fund.
The firm has a successful track record with investing in tech start-ups, such as cloud computing company Okta and transportation company Lyft. In addition, it won’t be Andreessen Horowitz’s first foray into cryptocurrencies as it has invested capital with digital currency exchange Coinbase and blockchain start-up OpenBazaar.
Related: Blockchain Start-Up Garners Interest Despite Crypto Bear Market
The fund, named “a16zcrypto,” will focus its investments on cryptocurrency companies, coins, tokens, and protocols with a long-term horizon.
“We’ve been investing in crypto assets for 5+ years,” Andreessen Horowitz general partner Chris Dixon said in a blog post. “We’ve never sold any of those investments, and don’t plan to any time soon. We structured the a16z crypto fund to be able to hold investments for 10+ years.”
The news comes at a time when Bitcoin’s price crept below $6,000 over the weekend and is down over 56 percent year-to-date.
Furthermore, increasing regulation domestically and internationally on cryptocurrencies might spook investors, but Andreessen Horowitz remains undeterred.
“We have an ‘all weather’ fund,” Dixon said in the post. “We plan to invest consistently over time, regardless of market conditions. If there is another ‘crypto winter,’ we’ll keep investing aggressively.”
Related: ETF Innovators Pioneering In Blockchain, Crypto
First Female Partner Hired
Speaking of governmental regulation, Andreessen Horowitz hired its first female partner, Kathryn Haun, a former prosecutor with the U.S. Department of Justice. Fittingly, Haun’s stint at the DOJ focused on cyber crime, corporate crime and creating the first cryptocurrency task force.
In fact, Haun played prominent roles in two of the most infamous cases in the history of cryptocurrencies — Mt. Gox exchange desk hack and Silk Road. Furthermore, she’s also a board member for Coinbase and HackerOne.
For more trends in cryptocurrencies, click here.