Venture capital firm Andreessen Horowitz (a16z) is raising $4.5 billion for its latest cryptocurrency fund, according to the Financial Times.

Last week, the company said it would raise $3.5 billion for its venture capital fund and another $1 billion for a Web3 seed investment, with plans to announce in March, the report said. 

A16z, founded in 2009 by Marc Andreessen and Ben Horowitz, is one of the most famous venture capitals in Silicon Valley. As of August 31, 2021, the company has nearly $19 billion in assets under management, its notable investments including Facebook (now Meta), Twitter and Coinbase. 

If the $4.5 billion is successfully raised, a16z will become the industry’s largest crypto fund, surpassing Paradigm’s $2.5 billion in November 2021. 

By Mary Liu