According to an article by the Financial Times or FT, building on its previous involvement in the cryptocurrency space, venture capital firm Andreessen Horowitz is now gaining momentum in favor of another fund.

“The new fund, the third Andreessen specializing in cryptocurrency investments, aims to attract between $ 800 and $ 1 billion from investors, according to four people familiar with the process,” the Financial Times wrote on Friday.

Venture capital firm or Andreessen Horowitz venture capital firm also operates under the a16z name. The department is active in the crypto and blockchain sector and has invested in a number of projects. According to FT, he plans to direct the new fund’s capital toward projects in the crypto and digital asset industry.

The venture capital holder was also a major investor in Coinbase, which was recently established on April 14th. Andreessen Horowitz has given away about $ 120 million of the Coinbase stake, despite having approximately $ 11 billion in assets at the time of listing, according to legal documents cited by the Financial Times.

In April 2020, headlines popped up that the department was looking to raise $ 450 million for its second crypto fund. As a result, the company received $ 515 million.

The cryptocurrency industry as a whole has seen significant capital inflows over the past year, as evidenced by the $ 2 trillion real estate market valuation it reached in April 2021.