An important move towards the Bitcoin and altcoin market came from Andreessen Horowitz, one of the famous venture capital companies in Silicon Valley. Andreessen Horowitz is trying to raise $ 1 billion for the new crypto fund.
Andreessen Horowitz preparing to make the biggest Bitcoin and altcoin bet to date
Andreessen Horowitz, one of the largest investment companies in the world, is preparing to make the biggest crypto bet to date. The Silicon Valley venture capital giant is set to launch a $ 1 billion cryptocurrency-focused fund that is much larger than its predecessor, according to a report by the Financial Times citing people familiar with the matter.
The firm invested $ 515 million in the second cryptocurrency fund in April 2020. Andreessen’s first cryptocurrency fund raised $ 300 million in 2018. A16z focuses on investing both in independent cryptocurrencies such as Bitcoin and in some of the leading crypto startups. The giant company owns a stunning $ 11 billion stake in the leading cryptocurrency exchange Coinbase. At the same time, Andreessen Horowitz was an early investor in distributed ledger technology provider Ripple.