a16z Crypto

“So for example, stable coin volume is now in the trillions. That's adjusted. We try to, we have an adjusted metric we use, which remove, tries to remove a lot of the bots and other kinds of stuff. And very importantly, that's not correlated with trading volume…”

“That we put between 40 and seventy million. There's a bar there because it's, we have to get rid of bots and other things, but It's definitely been growing. And that's like monthly active users of apps.”

“Investing is a emotional test disguised as an intellectual test. Meaning one of the things I've learned over the years is just like sticking with it in venture capital, whether it's crypto sort of more extreme, I think it's true of public markets. If you read …”

“That's one reason we started a separate crypto fund, right? We both do kind of early stage traditional venture and do things like buy tokens like Bitcoin directly in the market. And then we have our own like city and trading, and we sort of built out all these…”

“And actually two third, no, I would say roughly two thirds of our investing has always been that.”

“Throughout the lifetime of the crypto funds, we could, we today hold 94% of our investments.”

“We very, we do very little seed investing. And the reason is we take conflicts very seriously, meaning we invest in one company per category. And if, you know, if we go too early, like that's sort of our bet in the category. And so I do very, you know, I, so w…”

“Our funds are 10 to 15 year funds.”

“I think we're close to that in blockchains and crypto, but we're not quite there yet. So we're making a lot of investments in the infrastructure layer to get to that point.”

“From an operational point of view, we're a completely independent team. We have 80 people on the crypto team. 13 are on the investment team. Then there's some set of back office and support, and then 50 or so on our operating teams.”

“When we invest, we don't do quote unquote party rounds. We don't put a little bit of money here and dabble. We either invest and lead and back up the truck and put all our resources behind it and roll up our sleeves or we don't invest.”

“The advisory there is like, you know, working with some of the companies in their portfolio to think about how they tell their story, writing pieces. Like I wrote with Chris in the economists, like they'll introduce me to companies, you know, that they've inve…”