We Raised $2.2B. Here’s Why.

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 Follow a16z crypto: X: https://x.com/a16zcrypto  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/   ***  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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.