Venture capital giant Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto start-ups, the Financial Times reported on Friday.
The new fund is aiming to raise between $800 million and $1 billion from investors, the report said, citing people familiar with the matter.
Andreessen Horowitz did not immediately respond to a Reuters request for comment.
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The news of the development comes as cryptocurrencies surge in value this year, with a clutch of top-tier firms including Tesla Inc diving into the space.
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