As crypto cools, a16zcrypto raises a $2.2B fund

a16zcrypto raised a new $2.2 billion crypto fund, bringing its total capital to $9.8 billion.

The firm also promoted CTO Eddy Lazzarin to general partner as it doubles down on crypto investing.

The raise comes during weaker crypto trading volumes and a cooling venture market.

Despite the slowdown, Andreessen Horowitz says it remains fully focused on crypto startups.