Venture capitalist Andreessen Horowitz is preparing to open a new $1 billion cryptofund

The venture capital investment company Andreessen Horowitz (a16z) is preparing to open its third cryptocurrency fund, the Financial Times reports, citing sources.

According to them, to do this, he intends to raise from $800 million to $1 billion. The volume of the previous cryptocurrency fund a16z, opened by the company a year ago, was $515 million. a16z launched its first crypto fund with a capital of $300 million in 2018.

Andreessen Horowitz is an early investor in the Coinbase cryptocurrency exchange and has gained access to liquidity since the latter's recent entry into the stock market. On the day of the listing on April 14, the firm liquidated $449.2 million worth of Coinbase shares for the benefit of investors. Its total stake in Coinbase is estimated at $11 billion. As noted by the Financial Times, a16z expects to attract investors who are interested in finding opportunities that can repeat the success of Coinbase.

Over the course of its history, a16z has invested in both stand-alone cryptocurrencies such as bitcoin, and in startups that attract early-stage funding. If the new fund is successful, a16z will become the largest crypto investor in terms of capital among its own kind. The a16z portfolio includes such cryptocurrency companies and projects as Ava Labs, Dfinity, Diem (formerly Libra), Filecoin, Maker, Near Protocol, and Uniswap.