By George Ward
The current crypto bear season is affecting almost every sector, firm, or individual involved in the industry. Andreessen Horowitz (a16z), a private United States of America venture capital firm, is the latest to get affected by this drop.
Although the company has experienced some considerable losses in the crypto industry, it still claims that it is faithful to the crypto-centric vision of the internet known as Web3. Chris Dixon, a general partner of the firm, reacted to a comment from Wall Street about a16z’s cryptocurrency investments.
Chris Dixon admitted that a16z plans to continue making crypto investments despite the losses. According to Chris Dixon, cryptocurrencies have long-term potential as the industry is still developing.
He added that the current bear season is an opportunity for the firm to continue supporting crypto-related projects. “What I focus on is not price. I put my focus on the developer and entrepreneur activity in the industry. That’s the core aim.”
Meanwhile, Andreessen Horowitz has revamped its investment strategy in Crypto assets after its crypto fund, launched in 2018, suffered a loss of about 40%.
a16z is still one of the biggest beneficiaries of the cryptocurrency industry’s bullish runs in the past years. The company had almost 10x gains after supporting one of the biggest cryptocurrency exchanges in the world, Coinbase, in 2013.
A16z And Crypto Startups
It also had a 100x increase in its investment value in the non-fungible token (NFT) marketplace OpenSea, which it supported last year.
However, earlier this month, a16z offered $40 million in funding to Golden, a decentralized knowledge protocol, with the group’s co-founder Marc Andreessen and general partner Ali Yahya moving to Golden’s board of directors.
Meanwhile, various on-chain data revealed that the blockchain industry had $1.36 billion of venture capital invested in it in August 2022. A16z has also been backing start-ups outside the crypto space.
The most recent one is Los Angeles-based Apex Space, co-founded by Ian Cinnamon and Max Benassi. It aims to start producing better spacecraft at a large scale.