The crypto industry is the new front line for both investors and players who are looking to harness its power and earn from the opportunities it comes with. While others are in for the investments, some are in to support the growth of this sector. For one Andreessen Horowitz, the crypto sector needs attention since it’s a new front that is churning out businesses and innovations that need support.
Through his a16z investment fund commonly known as CNK Fund I, L.P Andreessen Horowitz is offering players in the sector an opportunity by making funds available to them. Horowitz firm makes investments in firms in the crypto space in different capacities such as ventures and providing seed funds. While his efforts have helped many firms, now Horowitz can do much more since University of Michigan Endowment fund pledge its support to its firm.
University of Michigan Endowment
Through pulling together different individuals, the University of Michigan now has a large mutual fund whose proceeds are used to support different courses under its agenda such as various university programs, professorships and also give scholarships. As of 2018 October, the fund had 11.9 billion dollars available. However now, Horowitz, has some of it coming his way. Through its 21 Board of Regents, the decision was made to pour more funds in the crypto space. The university’s financial endowment fund had previous injected 3 million dollars in 2018 June, but now more funds will be channeled to support the growth of the sector. The funds will go to aid players in the space.
Other Firms Making Investments
Apart from the financial endowment fund from Michigan in Fairfax County the County Employees and Police pensions plan have poured a cumulative of $40 million in Morgan Creek Blockchain Opportunities Fund. Apart from the two, there are other firms which are supporting the growth of the crypto sector. Some of the other firms include a private foundation, hospital system and an insurance firm. For the above fund, the partners are looking to inject funds in equity firms present in the digital asset sector. Besides supporting the players financially, the fund will retain a percentage of its capital in digital coins.
Although the crypto industry as a whole is facing challenges left right, and centre, the support from well-established institutions such as the University of Michigan goes a long way in promoting it.