Andreessen Horowitz Launches 4th Crypto Fund Targeted At Web 3.0; Crypto Market Trades Lower

Andreessen Horowitz (a16z), a venture capital firm in Silicon Valley, US, which announced its $2.2 billion Crypto Fund III a few months back, is now reportedly looking forward to launching a new $4.5 billion Web 3.0 fund amid the ongoing crypto market turmoil. About one-third of the new mega fund will be earmarked for seed deals exclusively, as per various media sources.

Click here to read more about Web 3.0.

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In other news, a spokesperson of the Internet and Mobile Association of India (IAMAI) said in an interview to Coindesk, “We have no plans to file a contempt of court challenge”, when he was asked about the recent tweet by Brian Armstrong, CEO, Coinbase.

Brian Armstrong recently tweeted about how he was forced out of India due to informal pressure by the Reserve Bank of India (RBI) and whether or not this shadow ban of their firm is against the Supreme court ruling of 2020.

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Click here to read more about the 2020 Supreme court ruling.

Meanwhile, the global crypto market capitalisation went down by 1.13 per cent to $1.27 trillion as of 8.40 am. However, the global crypto volume was up by 1.35 per cent to $70.83 billion as per Coinmarketcap data.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $29,725.32, lower by 0.93 per cent in the last 24 hours. Ethereum (ETH) was down by 2.56 per cent to $1,949.93. 

“Bitcoin and other major cryptocurrencies trade sideways, continuing yesterday’s momentum. However, metaverse tokens, MANA and SAND witnessed a rise. With additional selling pressure, upside appears to be limited at the moment,” says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 2.21 per cent at $0.5147, Solana (SOL) was trading with a loss of 3.87 per cent at $48.18, Polkadot (DOT) was also trading with a loss of 2.8 per cent at $9.92, and Binance Coin (BNB) was down by 1.49 per cent at $328.75. Algorand (ALGO) was trading with a loss of 2.5 per cent at $0.4053.

Announcing our fourth crypto fund, totaling $4.5B, to invest in promising web3 startups at every stage. This brings our total crypto/web3 funds raised to over $7.6B.

General Partner @cdixon shares more on https://t.co/xIezLlyDiC. https://t.co/Xc696Fu8UT

— a16z (@a16z) May 25, 2022

Today’s top gainer was Pixel Swap (PIXEL), which was up by 345.67 per cent at $0.01444. The top loser was TrusterCoin (TSC), which was down by 99.95 per cent at $0.000003289. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 1.17 per cent at $0.08313. Its volume to market cap ratio stands at 0.03732. Rival Shiba Inu (SHIB) fell 1.67 per cent at $0.00001166.

Dogelon Mars (ELON) lost 2.56 per cent to trade at $0.0000004782, Floki Inu (FLOKI) 1.92 per cent at $0.00001002 and Samoyed Coin (SAMO) 1.69 per cent at $0.005748. 

In the DeFi segment, YFI (yearn.finance) was down by 7.5 per cent at $8,507.38, and Terra (LUNA) was trading with a loss of 2.14 per cent at $0.0001745, Avalanche (AVAX) was down by 5.88 per cent at $27.69 and Aave (AAVE) fell 2.51 per cent to trade at $104.47. Uniswap (UNI) was, however, trading with a gain of 0.41 per cent.