Last Thursday, Andressen Horowitz cemented its support for the crypto industry with the launch of a massive new crypto-focused fund called Crypto Fund III . The $2.2 billion Crypto Fund III will be among the largest capital commitments to the crypto ecosystem in history, and roughly four times the size of the firm&39s second cryptocurrency fund  a year ago. The fund will be co-lead by Andressen Horowitz partners, Chris Dixon and Katie Haun. Andreessen Horowitz also introduced several new advisers to the crypto team, who are meant to help "translate crypto to the mainstream” and perhaps navigate future regulation over the crypto market. Tomicah Tillemann , the former chair of the Global Blockchain Business Council and an adviser to the White House, will join as global head of policy. Two others with government experience Bill Hinman , the former director of the Securities and Exchange Commission&39s Division of Corporation Finance, and Brent McIntosh , former undersecretary of the Treasury for International Affairs will also join as advisers. Anthony Albanese , who left the New York Stock Exchange last year to take a role on Andreessen Horowitz&39s crypto team, will now serve as chief operating officer. In 2013, Andressen Horowitz took a bet on crypto by leading the first funding round for a little-known cryptocurrency exchange called Coinbase. The company pledged to be the financial exchange of the future. Eight years later, the investment has paid off. In April, Coinbase became the first major crypto company to go public  and did so in spectacular fashion. Coinbase closed its first day of trading at $328.28 a share, putting its value at $85.8 billion, making it Andreessen Horowitz&39s biggest exit yet. After such a phenomenal exit, Andressen Horowitz has chosen to double down on crypto and roll some of their profits into a new gigantic fund. Andreessen Horowitz announced on Thursday its third crypto-focused fund for the "next generation of visionary crypto founders.” Andreessen Horowitz said in a press release about the fund, "The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure.” Let&39s hope this statement and the creation of Crypto Fund III serve as the dime light at the end of the tunnel of this major market correction.
