Venture capital firm Andresseen Horowitz is reportedly gearing up to increase its bets on blockchain and cryptocurrency.
The California-based company is looking to raise at least $450,000,000 for its second crypto investment fund.
According to the Financial Times, two people briefed on the company’s plans say details could be finalized as early as next week, and there is no hard cap on how large the fund will be when it launches.
Andresseen Horowitz raised $300 million for its first crypto fund, which launched in 2018.
The firm began focusing on the crypto industry back in 2013 and has since invested in a long list of crypto companies, including Coinbase, Celo, Dfinity, TrustToken, Filecoin, Maker, Celo and Arweave. It is also a founding member of Facebook’s Libra Foundation.
According to CB Insights, total equity funding in the blockchain space dropped 28% in 2019, down from an all-time high of $4.3 billion in 2018.
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