The most successful founders in this next era are going to be the ones that are much more product focused, much more go-to-market focused, and also more pragmatic rather than ideological.

There's a strong sense that in order for crypto to succeed, it has to work with the system as opposed to trying to overthrow it.

What we found in crypto is that finances, for a bunch of reasons, is kind of a little-hanging fruit.

One kind of mental model that I have is we should try to get a billion people into sort of being almost daily users of blockchains through stocks and bonds and stable coins and payments and remittances and so forth. Once you have people onboarded, they've used the infrastructure, the wallets, and so forth, it's natural at that point to offer adjacent services. There's a big difference between the theoretical or the intellectual and the practical,

and it's a wonderful time to be a pragmatist building on chain.

All right, so hey, everybody.

I'm here with all of the GPs at A16C Crypto. I think this is our first

all-GP episode. We've got some familiar faces, founder and managing partner Chris Dixon, Ali,

Yaya, General Partner, who's been here since the start, as well as Eddie Lazaran, Chief Technology

Officer recently promoted to General Partner,

and Guy Willett also elevated to the position of General Partner. So we've got all the GPs here,

and we are announcing a new fundraise, Crypto Fund 5. That is the premise for today's talk, and I'd love to get into it.

Maybe we could start at why we are raising now. Chris, you want to take this one?

Yeah, I mean, so as folks may note, we've had our crypto fund now since 2018, and I've been

involved since, I guess, formally since 2013 with the investment in

Coinbase.

We're at an interesting point now in the evolution of crypto where on the one hand, on the

negative side, market prices are down, some of the sentiment is negative, some categories

that are sort of non-financial have not kind of panned out the way that we've hoped, and some have hoped.

But on the positive side, there's a lot of good things happening.

So most notably, we're seeing real kind of mainstream traction.

So stable coins have been growing.

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