Andreessen Horowitz just launched an “aggressive” $300M cryptocurrency fund

Betting on what it calls the newest major computing model, the A-list venture capital firm Andreessen Horowitz–known as a16z–announced today that it has launched a $300 million cryptocurrency fund.

The fund is the only one run by a major VC firm, reports the Wall Street Journal.

In a blog post announcing the new fund–as well as new a16z general partner Kathryn Haun (its only female GP)–the firm’s Chris Dixon wrote that although the white paper that launched bitcoin (and thus cryptocurrencies) is now almost 10 years old, “we believe we are still early on in the crypto movement,” and that “the infrastructure needs to be improved and the applications are difficult for non-early adopters to use.”

Still, Dixon, also an a16z general partner, believes that crypto applications will soon mature, in part because the “space is developing extremely rapidly … because the code, data, and knowledge is largely open source, and partly because of the increasing inflow of talent.”

Dixon wrote that a16z has been investing in crypto for more than five years, and has never sold any of those positions–nor does it plan to anytime soon. It expects to hold onto its current and new crypto investments for at least 10 years.

Also, a16z expects to hold steady on its crypto investing, regardless of whether there is a downturn in the cryptocurrency market. “If there is another ‘crypto winter,” Dixon wrote, “we’ll keep investing aggressively.”