Andreessen Horowitz’s crypto arm has invested $50 million in Jito, a Solana-based staking and infrastructure protocol.
In a statement, the Jito Foundation characterized the deal as a “strategic investment from a16z crypto via a private token sale.”
“The Foundation will utilize this funding to further its mission of advancing Jito Network technology—and the Jito community—in an effort to maximize scalability, efficiency, and economic value on Solana, enhancing Solana’s position as the home of Internet Capital Markets,” the group said.
The news was first reported by Fortune.
Founded to enhance Solana’s validator performance and optimize transaction execution, Jito has become one of the network’s most visible infrastructure projects. Jito launched its Block Assembly Marketplace (BAM) on Solana mainnet in September, as Blockworks previously reported.
“We’re excited to back Jito and its stellar team’s efforts to accelerate the adoption of decentralized finance,” Ali Yahya, General Partner at a16z crypto, said in a statement.
The investment marks another sign of a16z’s focus on the Solana ecosystem.
A16z has taken stakes in Solana-based startups like MagicBlock and Reflect, as part of a broader push into DeFi and on-chain infrastructure.
Beyond Solana, a16z has taken stakes in other crypto projects as well. This year, the firm participated in funding rounds for EigenLayer, LayerZero, and Saga.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/a16z-invests-jito-v
