Silicon Valley’s a16z Faces 40% Loss In Crypto Winter

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American private venture capital firm Andreessen Horowitz generally addressed as a16z has been badly hit by the crypto winter which has left the digital assets industry in trauma. A Wall Street Journal publication shows that the flagship crypto fund of the VC juggernaut has suffered up to 40% loss in the first half of this year. 

In the midst of this downtrend, the company reaffirmed that it remains faithful to “the crypto-centric vision of the internet called Web3.” Furthermore, Chris Dixon, a ten-year-long general partner of the firm and a chief decision-maker on crypto investments related his profound commitment by saying he would continue to invest despite the ongoing crypto winter.

“What I look at is not prices. I look at the entrepreneur and developer activity. That’s the core metric,” said Dixon attempting to explain the long-term outlook of the crypto industry. For him, the sector is still at the nib of acquiring users and is not certain when there will be a massive adoption of the blockchain. 

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Crypto “is about the political and governing structure of the internet,” he said. “We have a very long-term horizon.” Similar to actions taken in previous markets, Dixon acknowledges the crypto winter and market downtrend as time for the fund to continue supporting crypto entrepreneurs.

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Andreessen Horowitz gained a high reputation as Silicon Valley’s greatest crypto bull last year owing largely to the contributions made by Dixon. He was one of the few early-stage propagators of blockchain technology powering cryptocurrencies that could change business and also an investor of the VC through his unit. 

Only last year, according to WSJ, a16z contributed to the completion of 56 United States crypto projects which earned it the status as the second-largest crypto funder in terms of investment volume. It closely followed the American publicly traded company Coinbase through its venture financing arm Coinbse Ventures. 

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Compared to its last year’s investments, Andreessen Horowitz has made only 9 crypto investments in the third quarter of this year. One of its latest support deals was leading the funding round for Web3.0 decentralized startup Golden which secured $40 million. Sometimes in May this year, a16z launched its fourth crypto fund to back startups in the Web3.0 ecosystem with $4.5 billion as the capital base of the fund.

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