Sources Say Andreessen Horowitz Discusses Raising His Third Crypto Fund to $2 Billion

In May 2020, while the crypto economy was still turbulent amid fears of the coronavirus outbreak and bleak global financial outlook, private venture capital firm Andreessen Horowitz (a16z) publicly announced a $500 million "Crypto Fund II". A report by tech writer Eric Newcomer on May 27 shows that Andreessen Horowitz is considering raising $2 billion in funding for his next crypto fund. Andreessen Horowitz, a well-known venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, has been a driving force in the crypto industry when it comes to financing projects and startups. Marc Andreessen has long believed in bitcoin and a16z has poured millions of dollars into the industry over the past eight years. Recently, Andreessen Horowitz launched two funds dedicated to the development of "crypto networks and businesses." Bitcoin.com News reported on the latest venture uncovered by a16z executives Katie Haun and Chris Dixon when the two announced Crypto Fund II. This private fund has invested $515 million in networks, startups and companies dedicated to the blockchain and crypto-asset industries. Now Bloomberg's former tech writer Eric Newcomer has said that he is "in talks to raise $2 billion" into a16z third crypto fund. “Andreessen Horowitz is in the process of tripling crypto by raising his third crypto fund since 2018,” Newcomer said. “Sources tell me that Andreessen Horowitz is targeting $2 billion for his third crypto fund. That's double what many people expect," he added. Someone familiar with the matter told newcomer a16z that he sold "at least some Ethereum holdings" before the market crash. The newcomer's source also said that Andreessen Horowitz "will soon have at least one share of Coinbase shares." announced that it is distributing part of it after Coinbase went public."

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