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Andreessen Horowitz lends a hand to the new Twitter

Andreessen Horowitz in support of Elon Musk
Andreessen Horowitz in support of Elon Musk

Image source: Bitcoin news

Andreessen Horowitz, a prominent venture capital firm aka a16z, is reportedly helping Elon Musk after he bought out Twitter.

Sriram Krishnan

On Sunday afternoon, Sriram Krishnan, general partner of Andreessen Horowitz, who deals with cryptocurrencies, shared a photo of Twitter’s San Francisco office.

The photo contained a note stating that Krishnan was helping Elon Musk temporarily with “some other great people.”

“I (and a16z) believe this is a hugely important company and can have great impact on the world and Elon is the person to make it happen,” he added.

Sriram Krishnan worked at Twitter in the San Francisco area from 2017 to 2019.

Read also: Dogecoin climbs higher after Elon Musk’s Twitter purchase

He has worked on several consumer products, including Twitter’s “Events” feature.

Krishnan’s LinkedIn profile also reveals his contribution to the number of users on the platform.

He was instrumental in helping the platform grow by more than 20% in two years.

Previously he worked for social media giants Facebook, Snap and even Microsoft.

However, it remains to be seen which features Krishnan will work on this time.

Web3

Andreessen Horowitz’s interest in the social media platform aligns with its optimistic outlook toward Web3.

Web3 is often touted as the next level of the internet, where users can own digital assets, use crypto, and take back control of their data.

As of May, Andreessen Horowitz had invested over $7.6 billion in crypto and blockchain-related projects.

While crypto funds are down 40% from the start of this year, the company remains optimistic.

However, whether Twitter’s presence will steer the social media company in a Web3-friendly direction remains to be seen.

Read also: India set to test digital currencies called ‘e-rupee’

Other notes

Binance has invested $500 million in Musk’s purchase of the social media platform to create a team that will help reduce bot activity.

Binance CEO Changpeng Zhao said he supports the acquisition of Musk because he is a “strong entrepreneur.”

“We want to make sure that crypto has a seat at the table when it comes to free speech,” said Zhao.

Zhao added that he wants to help bring the platform to Web3 when they are ready.

Compared to Discord, Twitter has rolled out some crypto integrations.

The platform added address fields for Ethereum and Bitcoin wallets for the tipping function.

Twitter has also added NFT verification for Twitter Blue buyers, which converts profile pictures into hexagonal shapes.

Reference:

Andreessen Horowitz ‘temporarily’ helping Elon Musk with Twitter

Opinions expressed by Coin Week contributors are their own.