Andreessen Horowitz (a16z), the Silicon Valley-based venture capital firm, has announced it has raised $4.5 billion for a new crypto fund.
Crypto Fund 4 doubles the size of a16z’s previous crypto fund raised in June last year.
a16z said that of the $4.5 billion raised, $1.5 billion will be going towards seed investments, with the rest set aside for venture investments.
The news of a16z’s latest crypto fund comes at a time when the broader crypto market has entered a major downturn following the collapse of the TerraUSD stablecoin and its sister coin LUNA.
Despite the slump, Andreessen Horowitz partner Ariana Simpson assured investors that the firm is confident about its bets.
In a separate move earlier this month, Andreessen Horowitz announced the launch of GAMES FUND ONE, which will invest $600 million across the gaming industry.
