Reading Time: < 1 minute

Venture capital giant Andreessen Horowitz (a16z) raised US$ 2.2 billion from venture capital fund Crypto Fund III, Coindesk reported. This is the most considerable funding of such kind related to the cryptocurrency industry in history.

“This fund allows us to find the next generation of visionary crypto industry creators and invest in the most interesting areas of cryptocurrency”, Chris Dixon, Katie Haun, and Ali Yahya from a16z wrote on the company’s blog. “We invest in all stages, from early-stage projects to fully developed later-stage networks”.

The company’s last fund, announced in April 2020, began with US$ 515 million.

The a16z was one of the first investors in Coinbase exchange, having made a considerable profit when the company went public in April.

The company also announced the hiring of former U.S. Securities and Exchange Commission (SEC) official Bill Hinman, as an advisory partner.