Financial reports and market analysis

Andreessen Horowitz Buys $90M in Optimism's Ethereum L2 OP Tokens, 2-Year Lock-In

May 1, 2024, 01:31 PM

Venture capital firm Andreessen Horowitz (a16z), a £35 billion VC, has made a significant investment in the cryptocurrency sector by purchasing approximately $90 million worth of Optimism's OP tokens. This investment highlights a16z's confidence in Optimism's Ethereum Layer 2 technology stack. The purchase involved around 19.5 million OP tokens, which were valued at about $90 million at the time of the transaction. The tokens are subject to a two-year lock-in period, according to the Optimism Foundation. The decision was backed by two sources familiar with the matter.