Overview
- The venture firm disclosed Tuesday that it closed Crypto Fund 5 at $2.2 billion, to invest over a decade in payments, financial services, and decentralized market products, bringing its dedicated crypto capital to about $9.8 billion.
- a16z says stablecoin use keeps growing through downturns, with people using digital dollars for cross-border transfers, dollar savings, and everyday payments, which anchors the fund’s focus.
- The vehicle stays fully crypto-focused as the firm promotes CTO Eddy Lazzarin to general partner, joining Chris Dixon, Ali Yahya, and Guy Wuollet on the investing team.
- The new fund is roughly half the size of a16z’s $4.5 billion 2022 vehicle yet larger than recent raises at Haun Ventures ($1 billion) and Dragonfly ($650 million) in a cooler market that has pulled more venture money toward AI.
- a16z points to clearer U.S. policy signals such as work on the GENIUS Act and argues that opaque AI systems increase the value of transparent crypto rails like perpetual futures, on-chain lending, prediction markets, and tokenized assets.