Reports from the Financial Times confirmed that Andreessen Horowitz, the crypto-focused investment firm, is looking to raise additional funding of close to half a billion in this new round.

The news comes at a time when the world’s economies are languishing in the Coronavirus epidemic and signals that investors are still willing to test the waters in the crypto field.

According to two unnamed sources “familiar with the matter”, Andreessen Horowitz (a16z) is looking to raise an additional $450 million in a new funding round. The report estimates that the firm will receive the amount in about a week as investors flock towards the crypto industry.

The Silicon Valley-based firm aims to expand its crypto operations and expanding its markets with this latest funding. This comes only two years after the firm secured a $300 million funding round to specialize in crypto activities and blockchain-based projects.

Over the years, a16z has invested in some of the top projects in the blockchain space including Coinbase, Libra, Anchorage, and Polychain Capital.

The firm led a $30 million investment round on blockchain smartphone startup – Celo – back in April 2019.

Notwithstanding, a16z also invested in Ethereum-based decentralized finance solutions such as Maker (MKR), dYdX and Compound in the past few years.

As the crypto market awaits one of its most important events – Bitcoin’s halving – the doubling down on crypto by a16z sets a bullish mood in the crypto market.

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