Andreessen Horowitz has officially launched his new crypto fund called “Crypto Fund III”. The fund has more than $2.2 billion in investments. The firm is also expanding its cryptocurrency with a few key hires.

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Leading venture capital fund Andreessen Horowitz, led by Ben Horowitz and Marc Andreessen, announced today the closing of its third $2.2 billion crypto venture fund, which the company says is the largest of its kind. The new “Crypto Fund III” will be jointly managed by Chris Dixon and Katie Haun.

“Crypto Fund III, the largest crypto fund to date, is a validating moment for the ecosystem and another sign that crypto is becoming an increasingly common part of our financial infrastructure,” the firm said in a press release.

Rumors that Andreessen Horowitz (also known as a16z) is raising mega funds have appeared in various reports in recent months. The Financial Times reported in April that the California-based investment firm will raise $1 billion for a crypto fund. In late May, tech blogger Eric Newcomer wrote that the firm had raised $2 billion. A source familiar with the surge told The Block that the interest mostly came from limited partners in the firm’s previous crypto funds, with huge returns. According to CoinDesk, shortly after the exchange went public on Nasdaq, a16z raised more than $440 million from the Coinbase stock sale.

a16z’s mission in the cryptocurrency space has ranged from decentralized finance (DeFi) to Bitcoin applications, to a decentralized version of the internet called Web 3. The firm’s portfolio includes Dapper Labs, Celo, Uniswap and Near.

“This fund allows us to find the next generation of visionary crypto founders and invest in the most exciting areas of crypto,” Dixon and Haun wrote in a blog post. “We invest in all phases, from early seed stage projects to fully developed next stage networks.”

a16z’s cryptocurrency has been aggressively recruiting as well as raising more than $2 billion to invest in the cryptocurrency industry. He hired a number of key recruits, including Anthony Albanese, who joined the firm on the New York Stock Exchange last year. Albanese is now promoted to chief operating position of a16z crypto.