Today Andressen Horowitz announced its third Crypto Fund with a massive $2.2 billion war chest to invest in the sector, following a $515 million second fund launched last March. The venture funds have backed some of the biggest names in the sector. These include Coinbase, custody bank Anchorage, NBA Top Shot creator Dapper Labs, and Circle, which administers the $25 billion USDC stablecoin.
As vast swathes of the business landscape get rewritten with blockchain, such deep pockets targeted at the sector represent a challenge for enterprises and banks in particular.
Historically incumbents have been poor at innovation, focused on preserving their core profit centers. But it’s been 24 years since Clayton Christensen published The Innovator’s Dilemma warning of the dangers of ceding unprofitable new niches to startups because those niches can grow into the core market.
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