a16z, a highly successful venture capital fund is planning to launch a crypto fund according to reports by Recode.
a16z had posted job listings for the purpose of a crypto fund that is a separate entity from a16z’s VC. The posts were that of legal counsel and finance & ops manager.
Some interesting comments made by a16z about the lawyer listing was that the crypto investments should be made compliant as per SEC. They acknowledge the uncertain regulatory climate in the crypto space. As for the finance manager, a16z acknowledges the unexplored and difficult territory of crypto valuation.
Founded by Marc Andressen and Ben Horowitz, a16z has been responsble for funding some of the world’s most valuable startups such as Facebook, Github, Lyft and Skype. Andressen had first spoken about the potential of crypto currencies back in 2014 when he said that ” In 20 years, we’ll be talking about Bitcoin the way we talk about the Internet today.
They have put the money where their mouth is. Andressen Horowitz has backed some notable cryptocurrency ventures including Coinbase, Robinhood, Basis and Axiom Zen (Cryptokitties). It has also invested in other crypto funds like Polychain Capital.
a16z had been in the news recently when one of their alumni earn.com lead by a16z partner Balaji Srinivasan was acquired by Coinbase for a valuation of $120 million. Along with other VC funds like USV, they had also drawn a proposal for US regulators to provide Ether and other crypto currencies a safe harbor
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