The Silicon Valley firm, Andreessen Horowitz, has made the announcement of a $2.2 billion cryptocurrency fund. This is making it the largest ever vertical of a specific fund of the venture capital firm.

Andreessen general partners Chris Dixon, Ali Yahya, and Katie Haun have said, “We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed.”

Andreesen Horowitz is the biggest shareholder in Coinbase Global Inc., which is the largest U.S. cryptocurrency exchange. The size of the said fund speaks about the size of the opportunity before them. Crypto doesn’t only refer to the future of finance but also about transforming various aspects of human lives.

The firm made the announcement of its first crypto fund in 2017 during a much bearish movement in the market. Recently, the crypto market is tumbling again. However, three of the partners emphasize the fact that the prices can fluctuate, but innovation keeps on increasing through each of the cycles.

The company ardently believes that the next wave of computing innovation will be driven through crypto. Hence, they are radically optimistic about the potential of crypto.

The cryptocurrencies this year have gained the backing of top-tier companies, which include BNY Mellon, Mastercard Inc., BlackRock Inc., and Visa. Also, it is sparking predictions that they will become a regular part of all investment portfolios.

The venture capital firm is also announcing a list of new hires, which includes Bill Hinman, the former director of the U.S. SEC division of corporation finance. He will now join the cryptocurrency arm as an advisory partner. Hinman has worked as the point man on cryptocurrencies of the regulator.

Tomicah Tillemann, who has served as a senior adviser to U.S. President Joe Biden and two Secretaries of State, will join as the global head policy in Andreessen Horowitz. Brent McIntosh, who has served as the undersecretary of the Treasury for International Affairs, will join as an advisory partner.

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