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When venture capitalists first started looking at deals in the cryptocurrency and blockchain market, most took a traditional investing approach, hunting for equity stakes in startups.

Eventually, they had to rethink their approach to deal-making in the business to include investments in tokens themselves, according to a prominent venture capitalist in the category. At Andreessen Horowitz, that has meant recently embracing token-based investments alongside the traditional equity investments for which it is best known, said general partner Katie Haun at The Information Subscriber Summit in San Francisco on Thursday.

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