Venture Capital Andreessen Horowitz plans to raise $1 billion to invest in crypto start-ups and cryptocurrencies
The report speaks that as per the www.ft.com Andreessen Horowitz, one of the leading profile Silicon Valley venture capital firms will be seeking at a new investment fund for investing in cryptocurrency as of 02, May’21.
He says this could go up to $1 billion, as the Financial Times (FT) reported.
It will rise between $800 million and $1 billion from investors, which would mark it one of the major pools of capital devoted to crypto.
Andreessen Horowitz, the venture capital giant is scheduling to begin a new billion-dollar fund that is geared toward the increasing crypto ecosystem.
With the objective amount, Andreessen’s third crypto investment fund could be close to two times bigger than the $515 million Crypto Fund II, which the VC huge launched for crypto networks and businesses last year.
Andreessen is building up the investment fund after effectively investing in Coinbase. The Silicon Valley-based company is one of the two major outside investors of the crypto exchange, along with Union Square.
The Coinbase IPO is going to mint hundreds, if not thousands, of billionaires and multimillionaires who all love crypto and are perhaps going to take some of their listings and continue to invest in the crypto ecosystem.
A flow in the valuations of bitcoin, ether and other cryptos has triggered Andreessen and other such firms to initiate raising large “war chests,” according to FT.
Crypto venture capitalists have watched the success of Coinbase, which went public in April and presently has a valuation of $60 billion.
There have also been abundant direct investments in virtual currencies that have seen value increases. Those returns have made investors assured about their chances, with endowments and foundations restarting their bets.
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