Andreessen Horowitz bets on becoming crypto kings with record $2.2 billion fund
24 June 2021
Bitcoin is largely a wash for 2021, but that isn't dimming crypto optimism among venture capitalists or their deep-pocketed limited partners.
Driving the news: Andreessen Horowitz this morning announced that it's raised $2.2 billion for its third crypto-focused fund.
- It's by far the largest crypto VC fund ever raised, more than quadrupling the firm's prior effort.
- A source tells me that the vast majority of commitments came from existing LPs, reflecting how institutional investors want added crypto exposure.
The bull case: Andreessen Horowitz argues that "the next wave of computing innovation will be driven by crypto" and that the technology can fill trust gaps left by corrupt or ineffective governments.
The bear case: We've been hearing that for years, without too much borne fruit.
The big variable right now is that we could finally be on the cusp of more regulatory certainty around crypto, particularly with Gary Gensler now leading the SEC and competitive pressures coming from China. If that happens, it could provide lots of tailwinds to crypto VC funds and their portfolio companies.
- To that end, Andreessen Horowitz today also announced the additions of former SEC official Bill Hinman as an advisory partner, former Biden adviser Tomicah Tillemann as global head of policy and former Treasury Dept. official Brent McIntosh as an adviser partner.
The bottom line: Don't be surprised if Andreessen Horowitz gets even louder about its crypto thoughts, including on regulation and the upstart's relationship to incumbent tech, as it's now established itself as the technology's richest power broker.
Transcripts show George Floyd told police "I can't breathe" over 20 times
Section2Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.
Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.
The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.
- The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.
What the transcripts say:
- Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
- The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
- Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."
Read the transcripts via DocumentCloud.