Venture capital heavyweight Andreessen Horowitz (a16z) has launched a $2.2 billion crypto fund, doubling down on blockchain startups amid a surge in venture capital into artificial intelligence.

The new vehicle, called “Crypto Fund 5,” will invest in crypto entrepreneurs at all stages, with capital deployed over a decade, according to a company spokesperson. The firm said it is targeting founders building practical applications on crypto infrastructure, especially in areas like payments, financial services and decentralized systems.

The firm’s partners see the current crypto market as an opportunity to invest in founders building projects that are “durable” and lasting even when the hype cycle dies down.

“We’re at one of those quieter…