Andreessen Horowitz, the venture capital firm, has announced that it is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto startups, the Financial Times reported.
The new fund is aiming to raise between $800 million and $1 billion from investors, the report said, citing people familiar with the matter.
The VC player was also a heavy investor in Coinbase, which recently went public on April 14. Andreessen Horowitz has sold off about $120 million of its Coinbase stock, although it held roughly $11 billion in the asset at the time of its listing, according to regulatory filings cited by FT. Â
The news of the development comes as cryptocurrencies surge in value this year, with a clutch of top-tier firms including Tesla Inc diving into space.
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