Silicon Valley venture capital giant plans $1bln cryptocurrency fund

Publish May 3, 2021
finance & economy

Fund will be one of the largest pools of capital dedicated to crypto, the Financial Times reported

Silicon Valley-based venture capital firm Andreessen Horowitz is planning to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto start-ups, after its successful investments in Coinbase.

According to a report in the Financial Times, the new fund is aiming to raise between $800m and $1bn from investors. The fund will be one of the largest pools of capital dedicated to crypto.

The firm has declined to comment on the new fund, the report said.

Andreessen Horowitz and Union Square are the two largest outside investors in Coinbase, whose IPO is considered a historic moment for the crypto industry overall.

The crypto exchange went public on April 14 and its valuation briefly went as high as $112 billion and was valued at $86 billion at the end of its Nasdaq debut.

There are more than 56 million verified users on the platform thanks to a surge in the value of bitcoin, ethereum and other digital assets, which attracted a bevy of top tier corporates that invested in the space.

The fundraising by Andreessen Horowitz will rival capital raised by Paradigm, an investment firm focused on supporting the big crypto companies, protocols and currencies of tomorrow, the report said.

According to PitchBook data, Paradigm, started by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang, raised a total of $1 billion from investors including the endowments of Harvard and Yale universities.


Latest Stories

Irish dairy farmers' milk donations raise over €100k for famine-hit Yemen

2020-11-16 06:00:00

A campaign to encourage Irish dairy farmers to raise funds for those affected by war and famine in Yemen has so far raised more than"...
Read More

Two service projects begin in capital Sana'a

2020-11-10 04:00:00

SANA'A, Nov. 09 (Saba) - Deputy Prime Minister for Services and Development Affaires Hussein Maqbouli and capital Sana'a"...
Read More

Tamkeen Development Program: Empowering Yemeni Communities

2020-11-01 04:00:00

The conflict in Yemen has caused immense suffering and financial devastation in disadvantaged communities, leaving many dependent"...
Read More

Hodeida distributes solar systems for IDPs

2020-10-26 05:00:00

HODEIDA, Oct. 25 (Saba) - Hodeida province has started inaugurating the distribution of solar energy systems for internally displaced"...
Read More