A $ 1 billion investment in cryptography by Andreessen Horowitz is on the way.
VC plans to raise a significant amount of money for cryptocurrency investments.
According to an article in the Financial Times or FT, VC company Andreessen Horowitz reports that it is now raising funds for another fund, given its previous involvement in cryptography.
"The new fund is the third that Andrissen has focused on investing in cryptocurrencies," FT wrote on Friday. "Given the knowledge of the four people about the process, his goal is to raise $ 800 million to $ 1 billion from investors."
Venture Capital, or VC, also operates under the name a16z. It is active in cryptography and blockchain and has invested in a number of projects. The program aims to divert the fund's capital to crypto and digital asset projects, the FT reported.
VC was also a heavy investor in Coinbase, which was recently released on April 14. According to the FT, Anderson sold about $ 120 million of his Coinbase stock, although he had about $ 11 billion in assets at the time of listing.
In April 2020, news headlines were published about the $ 450 million follow-up by the foundation for the second special fund. The company eventually secured $ 515 million.
The entire cryptographic space has seen significant capital inflows throughout the year. The valuation of the market ceiling shows the industry's $ 2 trillion in assets, which it achieved in April 2021.