Storied venture capital firm Andreessen Horowitz is hoping to raise between $800 million and $1 billion for what would be the firm's third crypto-focused venture fund, the Financial Times reported based on sources familiar with the matter.
At the upper end of its fundraising target, a16z would nearly double the capital raised for its previous $515 million crypto fund announced in April 2020. The venture capital firm stated at the time that it was interested in crypto applications spanning decentralized finance, crypto monetization models and programmable blockchain for Web 3 that "will make decentralized network development much more accessible."A16z's investment in cryptocurrency exchange Coinbase has proven to be one of its most successful. After Coinbase went public this month, a16z held an ownership stake worth $11.2 billion, per the Financial Times.