FinTech news in Generative AI category

It seems like a lot of moolah in a volatile market, even coming as it does from two separate a16z funds: the firm’s $600 million debut games vehicle and its $4.5 billion crypto fund, both of which were announced last May. The latter remains privately held, but after scrapping plans to go public through a special purpose acquisition company, it managed to snag $350 million in funding in 2021 from Netmarble, Kabam, and affiliates of funds managed by Fortress Investment Group, which suggests it’s doing just fine. The pair previously co-founded the once-hot social media platform MySpace (which originally sold to MySpace for $580 million in 2005) and the mobile game studio Jam City. (Indeed, Jam City, which claims to have 30 million monthly active users, announced this morning that a third cofounder, Josh Yguado, is now running the show after serving as the company’s COO and president previously.)