Andreessen Horowitz plans $1 billion cryptocurrency VC fund: Report

Venture capital giant Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto startups, 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.

The news of the development comes as cryptocurrencies surge in value this year, with a clutch of top-tier firms including Tesla diving into the space.