- Venture capital firm Andreessen Horowitz is hiring two new employees for a “separately managed new fund focused on crypto assets,” according to the company’s site.
- The venture capital firm has invested in well-known companies in the space, including Ripple and Coinbase, but this would mark its first move into publicly trading assets like bitcoin.
- The firm’s fifth and most-recent fund announced in June raised $1.5 billion.
Leading venture capital firm Andreessen Horowitz is adding new roles for cryptocurrency that suggest the launch of a new fund focused on buying and selling crypto assets.
The two jobs posted on the Menlo Park-based company’s website, which Recode first reported, are for a “separately managed fund focusing on crypto assets.”
The venture capital shop has invested in well-known companies in the space, including Ripple and Coinbase, as well as crypto-only funds like Polychain Capital. It has also invested in initial coin offerings but this would mark the firm’s first move into publicly trading assets like bitcoin.
Andreessen Horowitz is looking for a new manager to handle “all financial operations relating to a separately managed fund focusing on crypto assets,” according to the job posting. The company is also looking for legal counsel to handle all regulatory aspects of the new fund, the job posting said.
While the posts don’t spell out what crypto “assets” might include, the legal job gives hints. This lawyer would focus on SEC compliance, and would be operating in an area where the “regulatory, legal and business climate remains largely unsettled.”
That area sounds like the cryptocurrency space, where regulators have been working out the details of compliance and have cracked down on initial coin offering, or ICO, fraud this year.
Andreessen Horowitz’s fifth, and most recent fund announced in June raised $1.5 billion, according to a company blog post. That fund is focused on early-stage, and mid-stage-growth tech companies, the firm said.
Andreessen Horowitz did not immediately respond to CNBC’s requests for comment.
Bitcoin is recovering from its worst quarter in history after surging more than 1,300 percent in 2017. Bitcoin hit its highest level in more than a month Tuesday after the cryptocurrency fell 48 percent in the first three months of 2018.
Source: Read Full Article