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Andreessen Horowitz is preparing to make its biggest bet on crypto to date.
According to a report by the Financial Times that cites people familiar with the matter, the Silicon Valley venture capital giant is preparing to launch a $1 billion cryptocurrency-focused fund.
The firm raised $515 million for its second cryptocurrency fund back in April 2020.
Andreessen's first fund dedicated to crypto raised $300 million in 2018.
It owns an eye-popping $11 billion stake in cryptocurrency exchange Coinbase. It is also an early investor in distributed ledger technology provider Ripple.