12 Dec '13, 11am

Andreessen Horowitz buys into Bitcoin boom

Andreessen Horowitz buys into Bitcoin boom

Bitcoins acquire another influential backer. Marc Andreessen FORTUNE -- Andreessen Horowitz is buying into the growing market for bitcoins. The prominent Silicon Valley venture capital firm co-led by Marc Andreessen, the Netscape co-founder, is investing about $20 million into Coinbase, which provides "wallets" for the digital currency. The wallets allow users to buy and sell bitcoins as well as spend them. The firm is the lead investor in a "Series B" round funding for Coinbase. Other investors, including Union Square Ventures and Ribbit Capital, are kicking in an additional $5 million. Coinbase is getting a total of $25 million in new funding. Union Square was part of an earlier round of financing that raised $5 million for Coinbase. As part of the current deal, Andreessen Horowitz's Chris Dixon and Union Square's Fred Wilson will be joining Coinbase's board of directors...

Full article: http://finance.fortune.cnn.com/2013/12/12/andreessen-horo...

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