One of Silicon Valley’s most prolific venture capital firms, Andreessen Horowitz, is considering a $1bn cryptocurrency VC fund
According to the Financial Times, venture capital firm Andreessen Horowitz seeks to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto start-ups. The news comes after the rabid success of Coinbase, of which Andreessen Horowitz was an early investor.
The fund is set to become Andreessen’s third that is focussed on cryptocurrency investments, aiming to raise between 800m and $1bn from investors. This will impressively be double the size of the firm’s previous cryptocurrency fund, which raised $515m one year ago.
The VC firm first broke into the cryptocurrency sphere in 2018 after raising its first fund dedicated to cryptocurrencies. Since then, Andreessen Horowitz have pioneered investments in decentralised finance projects.
Founder Marc Andreessen’s traditional funds invested early in cryptocurrency groups, including Coinbase and Ripple. Believing in Coinbase proved to be one of the firms largest successes. Since it’s launch in April, Coinbase is currently valued at almost $60bn. According to regulatory filings, the firm has since sold around $120m in shares since Coinbase first launched to the public.
The VC firm reportedly managed $35.8bn in regulatory assets at the end of 2020.
Source: Financial Times
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