The SEC may be firing off subpoenas to crypto investment funds and ICO projects left, right and center — apparently over 80 — however that isn’t stopping Andreessen Horowitz, the influential Silicon Valley agency generally known as A16z, from beginning its personal crypto-based fund.
The rumor has been going round for some time — not an enormous shock for the reason that agency has invested within the likes of Coinbase, Earn.com and CryptoKitties and co-founder Marc Andreessen (pic above) is an enormous crypto advocate — nevertheless it now seems there may be real substance to it. Recode spotted a few A16z job vacancies that appear to verify that the wheels are in movement.
One for a ‘Finance and Operations Manager, Crypto Assets‘ and one other for a ‘Legal Counsel, Crypto Assets‘ explicitly element that the agency is planning “a individually managed fund specializing in crypto belongings.” The authorized position itself contains “compliance with applicable SEC laws,” and particularly “managing the agency’s/fund compliance with all SEC/different laws,” whereas the operations supervisor is tasked with the difficult job of valuing crypto belongings amongst different duties.
Quite a few conventional VC funds have invested in crypto corporations and, in a number of circumstances, joined preliminary coin choices (ICOs), however there hasn’t been a stampede. The extra prolific crypto buyers have been devoted funds like Pantera Capital, Polychain Capital and Sparkchain Capital. These corporations maintain crypto belongings — most of which is in Ethereum — so as to take a position and divest in firm tokens and cryptocurrencies as a part of ICOs or simply typically as retail buyers do.
Regardless of the potential for large positive aspects and the power to liquidate an funding at any time, crypto is in a authorized gray space and that has put many U.S. buyers off, even when some have dabbled on the aspect via private investments. If it goes forward, A16z’s fund may blaze a path for others to comply with.
Disclosure: The creator owns a small quantity of cryptocurrency. Sufficient to realize an understanding, not sufficient to vary a life.