Venture capital giant Andreessen Horowitz is reportedly raising $450 million for its second blockchain and crypto investment fund.
According to a recent report by the Financial Times that cites two insiders familiar with the matter, a16z may be ready to finalize the capital raise for the new fund as early as next week. While $450 million is being thrown around, there reportedly is no set hard cap for the ongoing fundraising.
A second fund from a16z would be a substantial development as it signals the influential VC firm is still bullish on digital currency startups and the broader altcoin market despite the recent crypto bear market and the ongoing economic downturn due to the COVID-19 outbreak.
a16z previously raised $350 million for its first crypto fund in 2018 and has since used the capital to invest in both equity and tokens, including the purchase of 6% of Maker’s (MKR) total token supply last year.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.