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 referred to as A16z, from beginning its personal crypto-based fund.
The rumor has been going round for some time — not an enormous shock because the agency has invested within the likes of Coinbase, Earn.com and CryptoKitties and co-founder Marc Andreessen (pic above) is an enormous crypto advocate — however it now seems there may be real substance to it. Recode spotted a few A16z job vacancies that appear to substantiate 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 separately managed fund focusing on crypto assets.” The authorized function itself consists of “compliance with appropriate SEC regulations,” and particularly “managing the firm’s/fund compliance with all SEC/other regulations,” whereas the operations supervisor is tasked with the difficult job of valuing crypto property amongst different tasks.
Quite a few conventional VC funds have invested in crypto firms and, in a couple 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. Those corporations maintain crypto property — 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 usually as retail buyers do.
Despite the potential for large beneficial properties 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 facet via private investments. If it goes forward, A16z’s fund would possibly blaze a path for others to observe.
Disclosure: The writer owns a small quantity of cryptocurrency. Enough to realize an understanding, not sufficient to vary a life.