The move comes during a tremendous crypto market crash. The crypto market has seen a dramatic selloff in bitcoin in addition to the collapse of algorithmic stablecoin TerraUSD and its sister cryptocurrency Luna. The value of the broader crypto market has plunged by about $1 trillion during 2022 to $1.3 trillion as of Wednesday, according to CoinGecko.
“What we’ve seen is that many of the best protocols and companies are actually built during periods of market instability or downturns,” Arianna Simpson, general partner at Andreesen, told the Financial Times in a report published Wednesday. “Because it really allows people to focus on the technology and building rather than being distracted by short term price fluctuations.”
Andreessen Horowitz has been an early investor in Facebook, Twitter, Coinbase, Airbnb and Stripe.
