Andreessen Horowitz aims to raise $450m for second cryptocurrency fund

Andreessen Horowitz is aiming to raise $450m for a second cryptocurrency investment fund, two people briefed on the matter said, deepening the venture capital firm’s commitment to the sector as the global coronavirus outbreak rattles start-up investors.

Best known for backing social media companies such as Facebook and Twitter, Andreessen was one of the first venture firms with a large fund dedicated to cryptocurrencies, raising $350m in 2018 for start-ups working on the blockchain technology underpinning digital coins. 

The fund has also been one of the staunchest backers of Facebook’s controversial Libra currency project and holds a seat on the association’s board.

Andreessen 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. The firm declined to comment.

The fundraising comes at a difficult time for both venture capital and cryptocurrencies, as tech investors grow cautious about the impact of…