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UPDATE 1-Andreessen Horowitz unveils $2.2 bln crypto fund

·2 min read

(Adds details, background)

June 24 (Reuters) - Andreessen Horowitz is launching a new $2.2 billion fund to invest more money in crypto networks, Venture capital giant said in a blog post on Thursday.

The moves follows a string of media reports in April that the firm, which been investing in crypto assets since 2013, was looking to raise as much as $1 billion to invest in cryptocurrencies and crypto start-ups.

"We believe that the next wave of computing innovation will be driven by crypto," the firm said, adding it will invest in all stages, from early seed-stage projects to fully developed later-stage networks.

"This has been an exciting period for crypto as awareness and adoption of crypto brands and products exploded."

Cryptocurrencies have this year gained the backing of top-tier companies including BNY Mellon, BlackRock Inc , Mastercard Inc and Visa, sparking predictions that they will become a regular part of investment portfolios.

Andreessen Horowitz also said Bill Hinman, the former director of the U.S. Securities and Exchange Commission's (SEC)division of corporation finance, will join its crypto arm as an advisory partner.

Hinman has worked as the regulator's point man on cryptocurrencies.

Tomicah Tillemann, who served as a senior adviser to U.S. President Joseph Biden and two Secretaries of State and was chairman of the Global Blockchain Business Council, will join as global head of policy, Andreessen Horowitz said.

Brent McIntosh, who served as under secretary of the Treasury for International Affairs and coordinated the G7's work on cryptocurrencies, will also join as an advisory partner.

Andreessen Horowitz is the biggest shareholder in Coinbase Global Inc, the largest U.S. cryptocurrency exchange. (Reporting by Noor Zainab Hussain and Sohini Podder in Bengaluru; Editing by Shinjini Ganguli and Anil D'Silva)

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