We're announcing a16z crypto's Fund 5: $2.2B in committed capital to back the startups and founders who are building the next era of crypto. All four GPs sat down to talk through where crypto is right now, what's changed, and where it may be headed next. Chris Dixon, Ali Yahya, Guy Wuollet, and Eddy Lazzarin join Robert Hackett to cover...

00:00 Open
01:31 Why raise Crypto Fund 5 now
02:10 The GENIUS Act and what regulatory clarity unlocks for builders
04:32 Why stablecoins are crypto's WhatsApp moment
08:54 Why the next era of crypto founders will be pragmatic, not ideological
11:49 From cypherpunk revolution to crypto's "collared shirt era"
15:02 Programmable money meets AI
21:15 Onchain capital markets for compute, energy, and credit
25:57 Why finance is the foundation, not the ceiling
28:48 AI agents as first-class economic actors
38:19 Why privacy is the only moat
41:26 Jevons paradox and the future of blockspace demand
43:20 Jolt and the zero-knowledge breakthrough
58:15 Writing the next chapter of Read Write Own

Resources:
Chris Dixon: https://x.com/cdixon
Ali Yahya: https://x.com/alive_eth
Eddy Lazzarin: https://x.com/eddylazzarin
Guy Wuollet: https://x.com/guywuolletjr
Robert Hackett: https://x.com/rhackett

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LinkedIn: https://www.linkedin.com/showcase/a16zcrypto/posts/
YouTube: https://www.youtube.com/@a16zcrypto

Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources: https://a16zcrypto.substack.com/subscribe/

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As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

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We Raised $2.2B. Here’s Why.