a16z Crypto raises $2.2B for fifth fund

a16z Crypto has closed its fifth fund at $2.2 billion, The Block reported. The new fund comes about four years after the firm raised $4.5 billion for its fourth fund in 2022. According to a16z Crypto, the market is transitioning from a speculative phase to one of practical adoption, and it is focusing on growth in the stablecoin, DeFi, and prediction market sectors. The firm explained that the fund will be invested 100% in cryptocurrency, not in related fields such as AI or robotics. It also added that on the regulatory front, clear legislation like the GENIUS Act for stablecoins will help attract institutional investors.