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Andreessen Horowitz just closed its second crypto fund

Two years ago, the venture firm Andreessen Horowitz (a16z) took the wraps off a dedicated crypto fund from a subset of its limited partners, who’d provided the firm with $300 million in capital commitments. Now, the firm says it has closed a second fund in the same vein, this time with $515 million in capital […]

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Two years ago, the venture firm Andreessen Horowitz (a16z) took the wraps off a dedicated crypto fund from a subset of its limited partners, who’d provided the firm with $300 million in capital commitments. Now, the firm says it has closed a second fund in the same vein, this time with $515 million in capital commitments.

As general partner Chris Dixon — who leads the fund with general partner Katie Haun — tells Fortune: “It’s very rare that major, new computing paradigms come along, and we think this is on the scale of cloud and mobile for the Internet.”

Certainly, the firm has less competition for crypto deals at the moment than it might have back in 2018. Many VCs pulled back last year, with overall funding in 2019 down 28% from 2018’s peak of $4.3 billion, according to CB Insights.

Bitcoin and the cryptocurrency markets were also hammered, along with the broader stock market in a downturn sparked by the COVID-19 crisis, causing some to conclude they are as vulnerable to a lot of other instruments to stock market shifts.

A big upswing since — along with this obvious endorsement by a16z — could turn those trends around, however. Indeed, the entire market capitalization of cryptocurrencies jumped $35.3 billion in 24 hours as of 2:19 p.m. Singapore time, according to data from CoinMarketCap.com and reported by CNBC.

Bitcoin, specifically, which fell below $4,000 last month, shot up to $9,388.30 by earlier today (though, as this is being written, it has slipped to $8,695.41).

Industry participants attribute the rally to central bank monetary policy and the “bitcoin halving” that’s expected next month, when for the third time in the network’s history, the reward for mining a block will be divided by two.

Andreessen Horowitz has invested directly in cryptocurrencies like Bitcoin and Ethereum, along with a range of other bets that include Coinbase, the crypto lender Compound and Anchorage, a cryptocurrency custody service.

It’s also a member of both the Libra Association and the Celo Alliance for Prosperity, both of which are inviting developers to build decentralized mobile apps that are based on their own cryptocurrencies.

To drum up even more deal flow, a16z last month kicked off a free, seven-week program for cryptocurrency startups that aims to educate and “supplement — not replace — the many other excellent programs and resources that help founders learn about building tech startups,” Dixon wrote of the school late last year.

The firm isn’t taking equity in the startups as part of the program, it says. Instead, it’s apparently looking to build connections to and between founders who it might want to work with it in the future.

Source: https://blockchainconsultants.io/andreessen-horowitz-just-closed-its-second-crypto-fund/

Blockchain

Avalanche raises $230M following sale of >1500% returning AVAX

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This season of the crypto-market has highlighted altcoins and altcoin projects that have been striving to bridge the gaps existing in the industry. Avalanche is one such project, with the same in the news today after it raised $230 million from the sale of its cryptocurrency, AVAX.

According to the foundation behind the blockchain, Avalanche received this sum of investment through a private sale to a group led by Polychain and Three Arrows Capital.

Reportedly, R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of angel investors and family offices also participated in the investment round. The token sale was completed in June and the objectives of the foundation were to support and accelerate the growth of decentralized finance [DeFi], enterprise application, and other use cases on the Avalanche public blockchain.

Its token AVAX has recorded tremendous growth, despite the market trend being increasingly bearish. The asset, at press time, was returning 1,589% to investors year-to-date after it rallied to $63.62. AVAX also registered a strong surge of almost 30% in one 24-hour window, a consequence of the latest updates to the ecosystem.

Another reason why the blockchain surged higher was the onboarding of several blue-chip DeFi projects like Aave, Curve, and SushiSwap. On Wednesday, Avalanche Foundation asked for ‘signaling’ from the Aave community to accept a deployment of the Aave protocol into Avalanche.

Aave ecosystem could leverage Avalanche’s blockchain due to scalability, high throughput, and near-instant finality. According to the blog,

“Through the Avalanche Rush program, the Avalanche foundation has allocated up to $20M AVAX for users of the Aave protocol over a three-month period to earn AVAX rewards while using Aave on Avalanche for the first phase of the program. This program will bring new users to the platform, and reach more users from the established Avalanche community.”

It added,

“Having the Aave community embrace deployment on established chains like Avalanche will allow more users to access Aave’s offerings across the DeFi ecosystem.”

With competition between layer one protocols heating up, Avalanche has been trying to secure a top position. According to Emin Gün Sirer, Director at the Avalanche Foundation, there is “still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

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Source: https://ambcrypto.com/avalanche-raises-230m-following-sale-of-1500-returning-avax

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Blockchain

Scaramucci’s SkyBridge Capital Secures $100M For Algorand Fund, Files For Crypto ETF

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Scaramucci’s SkyBridge Capital Secures $100M For Algorand Fund, Files For Crypto ETF

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The number of cryptocurrency-focused exchange-traded funds (ETFs) applications in the U.S. has been growing as several asset management companies have shown interest in offering their clients exposure to cryptocurrencies via regulated exchanges.

In an SEC filing on September 14, SkyBridge Capital became the latest to apply for a crypto-focused ETF – the First Trust SkyBridge Crypto Industry and Digital Economy ETF. According to the filing, if approved, the ETF will invest about 80% of its assets in companies representing the crypto-industry. This also means that the ETF will not have direct exposure to cryptocurrencies.

More recently, Anthony Scaramucci, the founder of the firm and former Whitehouse Communications Director, revealed that the investment firm now had over $700 million in crypto investments and intends to increase its positions in the market even further.

He stated this during an interview with CNBC Television yesterday in the aftermath of the ongoing SALT Conference New York 2021. During the interview, Scaramucci revealed that the firm was starting an Algorand fund that will be capped at $250 million and had already raised over $100 million.

Remarkably, the firm first added Bitcoin to its portfolio last and in July revealed that Bitcoin was the largest contributor to gains this year at the firm according to a Financial Times report. The firm has previously filed applications for both Bitcoin and Ethereum ETFs.

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Another notable cryptocurrency ETF development was the report that Fidelity Digital Assets met with SEC officials privately to push for the approval of their proposed bitcoin exchange-traded fund and argued the cryptocurrency market is now big enough to support it.

According to a Business Insider report, in the meeting, the firm cited an in-house survey that showed that bitcoin exchange-traded products held massive appeal to US institutions. They also argued that institutions had a strong interest in digital assets, and a significant number of institutional investors already hold cryptocurrencies. 

This argument has been made by other companies but has so far not swayed the SEC. The crypto-industry has been applying for cryptocurrency-focused ETFs for around eight years with the first being from Bitcoin billionaires, the Winklevoss brothers. Since then the SEC has been denying the application.

In 2021, there are more than 20 companies that have filed for crypto-focused ETFs with the SEC. Some include Galaxy Digital, VanEck, and Valkyrie Investments, all notable investment managers.

The SEC is yet to approve any of the applications. Gary Gensler, the SEC chair has stated that the commission is being cautious with the industry so as to be able to protect consumers maximally. However, there are speculations that approval may arrive before the end of this year. Just last month, Eric Balchunas and James Seyffart – Bloomberg’s in-house ETF analysts – on Tuesday published an investor note that speculated that a Bitcoin ETF approval may likely arrive in October.

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Source: https://zycrypto.com/scaramuccis-skybridge-capital-secures-100m-for-algorand-fund-files-for-crypto-etf/

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Shiba Inu Token Is Up 25% Following Coinbase Listing

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Source: https://cryptobriefing.com/shiba-inu-token-is-up-25-following-coinbase-listing/?utm_source=main_feed&utm_medium=rss

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