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Illustration: Rebecca Zisser/Axios

Andreessen Horowitz announced Monday that it has raised $300 million to invest in cryptocurrency-related startups, and that it will be led by former federal prosecutor Kathryn Haun.

Why it matters: Haun, who becomes Andreessen Horowitz's first female partner, is best known in tech circles for taking down a corrupt FBI agent involved in the infamous Silk Road investigation, and also for having founded the government's first-ever crypto task force.

  • Andreessen Horowitz has invested in crypto assets for years, but was bumping up against a 20% limit of "non-qualifying investments" out of its general fund. So it decided to raise a dedicated one.
  • The fund will primary invest in crypto startups, via equity, convertible notes or tokens. But it also will buy and hold unaffiliated crypto assets (e.g., Bitcoin, Ether).
  • Andreessen Horowitz first became acquainted with Haun last summer when she joined the board of Coinbase, an Andreessen Horowitz portfolio company.
  • Haun tells Axios that, while teaching at Stanford after leaving the Department of Justice, she began making crypto investments. "I think becoming [a venture capitalist] is just a natural part of my transition."
  • She becomes the firm's first-ever female general partner, and also its first to have not previously been a founder or CEO.

Go deeper

Updated 16 mins ago - Politics & Policy

Inauguration Day dashboard

Biden delivers his inaugural address on the West Front of the Capitol. Photo by Tasos Katopodis/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden signs executive orders and swears in day one presidential appointees in a virtual ceremony.

Mike Allen, author of AM
35 mins ago - Politics & Policy

Biden's inauguration signals a great American reset

President Biden prepares to walk the abbreviated parade route in front of the White House after the inauguration. Photo: Mark Makela/Getty Images

President Biden had exited his Cadillac with the new "46" license plates and was strolling a short stretch of Pennsylvania Avenue toward his new home when he spotted "Today" show weather legend Al Roker.

The big picture: Biden dropped Jill Biden's hand — no warning — and trotted over to the delighted Roker. POTUS gave Roker a fist bump and said, "Gotta keep doing this!" It was a very Joe moment in a day that was designed to signal a return to normality in a turbulent America.

Chuck Schumer is now majority leader as 3 new Democratic senators are sworn in

Sen. Chuck Schumer (D-N.Y.) is officially Senate majority leader after the inauguration of Vice President Kamala Harris and the swearing-in of new Sens. Alex Padilla (D-Calif.), Jon Ossoff (D-Ga.) and Raphael Warnock (D-Ga.).

Why it matters: With a 50-50 Senate, Schumer will control a narrow majority with Harris as the tie-breaking vote. Democratic control of the Senate is crucial to President Biden's agenda, from getting his coronavirus relief proposal passed to forgiving student debt.