The investment comes as crypto-related venture capital funding has started increasing following the approval of spot Bitcoin ETFs.
Venture capital firm Andreessen Horowitz (a16z) announced a $100-million funding round for EigenLayer, Ethereum’s largest restaking protocol by total value locked (TVL).
The venture firm was reportedly the only investor in the funding round, according to a Feb. 22 Bloomberg report. The EigenLayer protocol completed a $50-million funding round in March, led by Blockchain Capital.
Venture capital (VC) funding for crypto-related firms rose 2.5% in the fourth quarter of 2023 to $1.9 billion, according to a report from PitchBook. This represents the first increase in VC crypto investments since March 2022. The rise in crypto venture investments could be attributed to the launch of the first spot Bitcoin (BTC) exchange-traded funds (ETFs) in January, according to PitchBook.
