A16z Launches Coinbase Imitation Campaign For New Blockchain

Meanwhile, Noah Citron, an engineer at a16z, shared a snapshot on Twitter with an orange circle emblem, one of the investment fund’s characteristics.

While the Twitter thread makes no mention of the new product, its actions have prompted many people to recall Coinbase’s past tactics. Coinbase and many other projects tweeted with a blue dot symbol in February 2023, pointing to the debut of layer 2 named Base.

coming soon ? pic.twitter.com/8kADUuervL

— ncitron.eth (@NoahCitron) April 18, 2023

Andreessen Horowitz has a cryptocurrency branch and often invests in cryptocurrency firms. This, together with the orange circle resembling Coinbase’s marketing scheme, implying that the company’s upcoming product will most likely be blockchain-related.

Nevertheless, the similarities to Coinbase end there. Coinbase created the Base network on top of the existing layer 2 network Optimism, raising the possibility that a16z may do the same.

However, a16z Crypto’s CTO, Eddy Lazzarin, said on Twitter that the future product is not an L2. It is highly likely that a16z will not pursue the direction of layer 2 development.

?? ✨

(not an L2)

— Eddy Lazzarin ?? (@eddylazzarin) April 18, 2023

In addition, Andreessen Horowitz and Paradigm co-led a $150 million investment round for Optimism in March 2022, raising the layer-2 solution’s worth to $1.65 billion.

Andreessen Horowitz’s investment fund has raised $7.6 billion as of October 2022 to invest in crypto and Web3.

Andreessen Horowitz, sometimes known as a16z, is a venture capital fund created in 2009 in the United States by Marc Andreessen and Ben Horowitz. This behemoth has invested in several well-known firms, including Facebook, Airbnb, Coinbase, and Github… Andreessen Horowitz, a renowned investment firm in Silicon Valley, is regarded as a pioneer in developing innovative investing techniques for technology entrepreneurs.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source