Andreessen Horowitz is betting on crypto to break up Big Tech's concentration of power, a16z partner Chris Dixon tells the FT.
Why it's the BFD: Dixon's view suggests that the firm's crypto wing is aimed at dismantling the anti-competitive behavior that allowed Big Tech to grow so concentrated in the first place.
Of note: a16z was an early investor in Web 2.0 companies like Facebook, Pinterest and Twitter before setting its sights on web3.
Details: "The idea of having the internet controlled by five companies is very bad for entrepreneurs and bad for VCs," Dixon said.
What they're saying: Dixon's "comments come as the firm is seeking to hone a new investment strategy built around cryptocurrencies and digital tokens to replace the traditional equity investments made by VC firms and create a new, community-led model for investing in high-growth start-ups," the FT notes.
