Venture firm Andreessen Horowitz (a16z) intends to raise up to $4.5 billion in two new cryptocurrency funds, writes Financial Times.
According to the publication, the firm has notified investors that it will raise $3.5 billion for a venture capital fund and another $1 billion for seed investments in the Web 3.0 space. Plans are due to be confirmed in March.
If implemented, this will become the most significant amount raised for investing in industry projects.
In June 2021, a16z launched its third $2.2 billion crypto fund.
In November, Paradigm announced the creation of a $2.5 billion investment fund to support “next-generation” digital asset projects. The Hivemind Capital Partners company of former Citi top manager Matt Zhang raised $1.5 billion for a similar structure.
In January, FTX launched a $2 billion venture capital arm to invest in crypto startups.