a16z Crypto Closes $2.2B Fund to Support Infrastructure and Durable Applications

a16z's latest fund is being raised during a downturn in the crypto market, but the firm remains committed to investing in crypto entrepreneurs.

The new vehicle, Crypto Fund 5, has been designed to deploy capital over a long time horizon and invest across stages in crypto startups. The focus of the fund is on turning new infrastructure into products that people use every day.

A major area of focus for the fund is stablecoins, which have seen rising adoption even during market downturns. Stablecoins are increasingly used for savings, cross-border payments, and routine transactions, while highlighting limitations in traditional financial systems in terms of speed, cost, and reliability.

Beyond stablecoins, a16z also spoke about growth areas such as perpetual futures for price discovery, prediction markets, on-chain lending for credit markets, and tokenized assets that move traditional financial instruments onto blockchain rails. The firm pointed to broader macro trends shaping its investment thesis, including the increasing complexity and opacity of software systems and the consolidation of internet infrastructure.

a16z's CTO, Eddy Lazzarin, has been promoted to general partner alongside the fund announcement. The promotion recognizes his expertise in building long-term value for investors and entrepreneurs.