Andreessen Horowitz May Want Investment Capital For New Cryptocurrency ProjectScroll Down
Andreessen Horowitz, which is a private venture capital firm, reportedly has plans to establish another cryptocurrency asset fund. The firm was founded by Marc Andreessen and Ben Horowitz more tan 10 years ago. Its aim is to start its second cryptocurrency investment fund. It hopes to capture at least $450 million in capital for the project. This information was reported in an article published on April 14.
The firm is known in cryptocurrency as a16z. Andreessen Horowitz provides technology businesses and visionaries with funding for projects. The group has three funds that are used to make investments in startup companies and entrepreneurs. It includes a $350 million cryptocurrency fund.
The firm made top headlines in 2018 when it was able to raise more than $300 million for the cryptocurrency-specific fund. As a part of Facebook's Libra Association, Andreessen Horowitz is also involved in funding it. This puts it in a spotlight that it does not always want to be in, especially when it comes to government regulations around cryptocurrency.
The new project is not yet finalized. Overall, the public has not been made aware of the size of the new cryptocurrency fund. However, Andreesseen Horowitz could release some additional information in the next one to two weeks, suggests the reporting source of the information.
While the investment community waits for more information from world leaders on what will happen next with COVID-19 measures, the markets across the board have made a bit of a rebound. Tech investors are moving forward with a considerable amount of caution given the current circumstances.
In December 2019, a16z announced that it would host a no-cost cryptocurrency startup school. Its aim was to shed light on the cryptocurrency industry. A large online investment reporting website reached out to Andreessen Horowitz in hopes of getting some additional information about these latest developments. No comment was made, and investors should make plans to watch for upcoming developments and press releases from the firm over the next couple of weeks. If there are any urgent updates, investors will be able to find them from industry news reporting analysts.