Crypto Fund 5: We Raised $2.2B. Here’s Why.

Robert Hackett speaks with the general partners at a16z crypto about the launch of their fifth crypto fund and the current state of the industry. They reflect on how crypto has evolved from an ideological movement into a more pragmatic, product-focused ecosystem, shaped by real-world use cases and increasing regulatory clarity. The conversation covers the rise of stablecoins, onchain finance, and new market infrastructure, as well as the growing overlap between crypto and AI. The group also discusses how founders are shifting toward building products that work within existing systems, rather than attempting to replace them, and why this moment may represent a new phase of mainstream adoption. They also look ahead to what success looks like for the next generation of crypto companies, from onboarding billions of users to enabling AI agents as economic actors, and the role crypto could play in shaping more open, decentralized systems in an increasingly consolidated technology landscape.