Bloomberg: a16z and other crypto fund giants still fully invested in the crypto industry

Venture capitalists dramatically tightened their investments last year, with funding for cryptocurrency startups falling to $9.5 billion, less than a third of what it was in 2022, Bloomberg reports. Now, with the cryptocurrency industry recovering as the price of Bitcoin hits record highs, Andreessen Horowitz (a16z), Haun Ventures, Electric Capital, and Hivemind Capital Partners remain fully invested in the crypto industry. Paradigm, which drew ire last year when a temporary update to its website removed cryptocurrency content, is reportedly raising a new fund, and Electric Capital co-founder Avichal Garg said, "Everyone is frustrated in a bear market where cryptocurrencies are dead again. We are just slowly but surely continuing to deploy." Chris Ahn, a partner at Haun Ventures, said the sky-high valuations that once characterized the cryptocurrency industry during the market downturn have contracted but have recently begun to rise again.