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a16z raises 4.5 billion for its all-time largest crypto fund – The Defiant

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Venture capital firm a16z has raised $ 4.5 billion for its fourth crypto fund, the firm announced Wednesday morning.

The new funding dwarfs a16z’s previous fundraising efforts and brings the firm’s total funding for the crypto venture to $ 7.6 billion.

“We think we’re entering the golden age of web3,” Chris Dixon, a general partner at the firm, wrote in a blog post announcing the funding. “A huge wave of world-class talent has entered web3 in the last year. They are talented and passionate and want to create better internet. That’s why we decided to grow up. “

“We think we are now entering the golden age of web3”

Chris Dixon, a16z

Crypto Fund 4 will provide নতুন 1.5 billion in seed financing and $ 3 billion in venture financing to new crypto companies, according to the firm.

Web3 gaming, DeFi, Zero-Knowledge Proof, Decentralized Social Media, Self-Sovereign Identity and Level 1 and 2 are among the areas of focus of infrastructure funding.

General partner Ariana Simpson says firms that have chosen to invest in a16z will increase firm recruitment to meet their demand.

The firm’s teams specialize in “research and engineering, security, talent and people, legal and regulatory, market going and much more”. He said On Twitter.

Outsized effect

Projects struggling to raise capital in the bear market may welcome the news.

But a16z, like any venture capital firm, expects something in return for its money. Ahead of Wednesday’s announcement, critics say it has already had a significant impact on major Web3 projects.

Last year, holders of the UNISAP Governance Token UNI voted to fund a new lobbying firm called the DeFi Education Fund. In a letter to a16z, DeFi Watch writer Chris Blake noted that the decision was “originally made by a16z representatives.”

The firm received a voting token in return for its investment in Uniswap and later chose a “representative” to participate in Uniswap governance on its behalf.

“While the challenge for users is to fully understand the impact of a16z, we do not know who all these representatives are, how they were elected, or if the unsolicited a16z voting is taking place from another wallet,” Blec wrote. “This makes it impossible for tokenholders to fully understand the impact that a16z and its representatives are doing collectively on the DeFi voting system.”

“… it is impossible for tokenholders to fully understand the impact that a16z and its representatives have collectively influenced the DeFi voting system.”

Chris Blake, Defywatch

As a bid for transparency, the firm later announced that it would “open source” its representative program. Yet, with 4.5 billion in funding, a16z has now more than doubled its existing stake in the Web3 ecosystem, and its critics’ cries are likely to grow louder.



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