a16z's Chris Dixon Tops 'Midas List' Turning $350 Million To $6 Billion In 2021

Crypto venture capital firms have been investing at unprecedented rates recently and Andreessen Horowitz is one of the industry leaders w...

Crypto venture capital firms have been investing at unprecedented rates recently and Andreessen Horowitz is one of the industry leaders who are seeing huge returns on their investments.

Chris Dixon, general partner of Andreessen Horowitz (a16z), topped Forbes’ “Midas list” of the world’s best venture capitalists in 2022.

Rarely does a crypto or Web3 funding round complete without a16z being involved in some way. According to a press release dated April 12 report per the publication, Dixon turned $350m Crypto Fund I into realized and unrealized gains of $6bn in 2021. This equates to a jaw-dropping 17.7x gain according to “sources familiar with the fund’s finances” .

By comparison, the overall cryptocurrency market itself only managed a 200% gain, from $780 billion on January 1, 2021 to $2.3 trillion at the end of December of the same year.

a16z got into crypto early, leading a $25 million funding round in Coinbase in 2013. By the time Coinbase went public in April 2021, the company held a 15% stake after 14 more funding rounds . The shares were worth $10 billion on the first day of trading, resulting in a 60x return for the company. However, that was several years before Dixon’s crypto fund launched in June 2018 with $300 million raised in total at the time according to Crunchbase.

There have been other notable investments by a16z including decentralized exchange Uniswap, blockchain Avalanche, NFT creator Dapper Labs, and Ethereum Lido Staking Platformwhose valuation or collateral have all since increased.

Dixon, who rarely appears for interviews, told Forbes:

“My job is not to predict the future. My job is to be smart enough to know who the smart people are who will do it.

The company is currently raising funds for world’s largest crypto fund worth $4.5 billion. In January, the company said it planned to raise $3.5 billion for the fund, in addition to another $1 billion for Web3 seed investments.

Journalist Alex Konrad said that a16z “plans to push its crypto fund back into the business – making crypto the core of its core funds, like cloud or internet.”

Related: Venture Capital Year in Review 2021: Cointelegraph Research Terminal

Some crypto industry watchers have expressed concerns that too much venture capital involvement and investment in a project could erode its decentralization. A particular issue has been a16z’s holdings of UNI tokens and the influence of voting on governance. But either way, the most prominent venture capital firm in the crypto industry is always on the lookout for new investment opportunities in the sector.

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Newsrust - US Top News: a16z's Chris Dixon Tops 'Midas List' Turning $350 Million To $6 Billion In 2021
a16z's Chris Dixon Tops 'Midas List' Turning $350 Million To $6 Billion In 2021
Newsrust - US Top News
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