Andreessen Horowitz · Bitcoin · Crypto Briefing
Over 60 crypto projects shut down in 2026, led by a16z-backed Yupp, Syndicate, and Entropy
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Three ventures backed by one of crypto's most prominent VCs collectively burned through $87 million before calling it quits.
Key facts
- It raised over $27 million, including a $20 million Series A back in 2021, when DAO enthusiasm was at its peak
- Then there’s Entropy, a decentralized custody service that raised $25 million in a 2022 seed round
- The AI-driven onchain incentives platform raised $33 million in a seed round led by a16z crypto’s Chris Dixon
- By May 21, 2026, Syndicate announced it was winding down
Summary
Three projects backed by Andreessen Horowitz’s crypto arm, a16z, account for a combined $87 million in funding that ultimately went nowhere. Yupp was perhaps the most eye-catching failure. Syndicate Labs had an even longer runway. By May 21, 2026, Syndicate announced it was winding down.