One of the marquee investors in crypto is making another big bet. The crypto arm of venture capital firm Andreessen Horowitz announced Thursday that it had invested $50 million into Jito, a crypto protocol that supports the blockchain Solana. In return for the investment, the firm received an allotment of Jito’s cryptocurrency, said Brian Smith, executive director at the Jito Foundation, one of the main entities behind the protocol.
According to Smith, the deal encourages “long-term alignment” between Andreessen Horowitz and the crypto protocol. He also said this was the largest ever commitment from one investor into Jito. “If you’re accepting long-term alignment where you can’t sell for a while, then there’s traditionally some modest discount associated with that,” added Smith, who declined to provide specifics about the transaction.
