Andreessen Horowitz’s crypto arm, A16z Crypto, has raised $2.2 billion for its fifth dedicated crypto fund, another large wager on an industry still nursing the hangover from its last boom but now armed with a more mature pitch: less speculative frenzy, more financial infrastructure.

The fund will be led by managing partner Chris Dixon and general partners Ali Yahya, Guy Wuollet and Eddy Lazzarin, A16z Crypto’s CTO, whom the firm is promoting to general partner. In a blog post shared with Forbes ahead of the announcement, the partners pointed to stablecoins, tokenization, perpetual futures, prediction markets and AI agents as crypto’s most promising areas for investment.

“Software is getting more complex and harder to trust. AI systems are powerful and largely........

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