Andreessen Horowitz is set to regain its position as the creator of the largest crypto fund to date. The venture capital giant is planning to raise $4.5 billion for two new cryptocurrency funds, according to the Financial Times. A $3.5 billion fund will continue its crypto investments and a $1 billion fund will target seed-stage digital asset ventures. The staggering total size of the funds spotlights the investor frenzy over the sector, despite slumping crypto prices.
The investment tops the previous record from Paradigm, a VC firm focused on crypto that created a $2.5 billion fund in November. Paradigm and Andreessen Horowitz have been jockeying for months over who holds the record for the investing world’s largest crypto fund.