Andreessen Horowitz’s crypto arm, a16z crypto, has closed a $2.2 billion fund to back crypto startups turning blockchain technology into products people use every day, from payments and savings tools to prediction markets and on-chain lending platforms.

The new fund, called Crypto Fund 5, brings a16z crypto’s total raised since its founding in 2018 to $9.8 billion. It is also smaller than its predecessor: Crypto Fund 4 raised $4.5 billion in 2022 at the peak of the last cycle.

Chris Dixon, who built a16z crypto from a $350 million debut fund in 2018, has shifted the firm’s thesis with this raise. Rather than backing early-stage protocol bets, Fund 5 is…