Andreessen Horowitz is reportedly raising as much as $450M for new crypto fund

The Financial Times reported Tuesday that Silicon Valley investment powerhouse Andreessen Horowitz (a16z) is seeking to raise $450 million for a second crypto-focused fund.

Citing "two people briefed on the matter," the FT said that the a16z "could finalise the new fund in about a week but has not yet placed a hard cap on its size, one of the people said."

A16z declined comment to the FT, and a representative for the firm did not immediately respond to The Block's request for comment.

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The investment firm's first crypto-dedicated fund attracted $350 million in capital commitments in mid-2018, as previously reported. A16z also operates a crypto school for would-be sector entrepreneurs.

A16z is one of the industry's biggest investment backers, investing in major firms like Coinbase, Libra and Polychain, among others. It has also invested in significant projects that form the Open Finance (DeFi) ecosystem such as Maker, Compound and dYdX. 

The company is one of a number of investment firms said to be in the process of closing or raising funds, as The Block's Frank Chaparro noted in a column last month.