Andreessen Horowitz raises $4.5 billion for fourth crypto fund

Venture capital giant Andreessen Horowitz said on Wednesday it has raised $4.5 billion for its fourth cryptocurrency fund, bringing its total funds raised for digital currency investments so far to more than $7.6 billion.

About $1.3 billion from the fund will be used to invest in seed rounds of startups and $3 billion for venture investments, the company said in a blog post.

The latest funding comes on the heels of sharp fall in the value of cryptocurrencies in recent weeks, with bitcoin losing over a third of its value in just two months.