As crypto markets remain stagnant, a Silicon Valley-based investment firm is launching a gigantic $4.5 billion digital assets fund.
According to a letter written by Andreessen Horowitz managing partner Chris Dixon, the new fund is being launched because the world is entering the “golden era” of Web 3.0 development.
“Since the advent of computing in the 1940s, there has been a major computing cycle every 10-15 years, including PCs in the ‘80s, the internet in the ‘90s, and mobile computing in the ‘00s.
We believe blockchains will power the next major computing cycle, which we call crypto or Web 3.0… we think we are now entering the golden era of Web 3.0. Programmable blockchains are sufficiently advanced, and a diverse range of apps has reached tens of millions of users.
More importantly, a massive wave of world-class talent has entered Web 3.0 over the last year. They are brilliant and passionate and want to build a better internet.”
According to Dixon, Andreessen Horowitz will use the funds to invest in new applications for ZK rollups, as well as metaverse games, DeFi and social media protocols, NFT communities, decentralized autonomous organizations DAOs, and non-fungible token NFT communities.
Another partner of the firm, Arianna Simpson, recently told CNBC that crypto winters are ideal for launching investment funds since the market is focused on improving the underlying technology of blockchains rather than fretting about price volatility.