A16z, a VC company with investments in Protocol Labs, Polychain Capital and Opensea among others, is now planning to raise $4.5 billion for its latest fund which is focused solely on cryptocurrencies, according to a report by U.K newspaper Financial Times.

Last week, Andreessen Horowitz’ venture capital firm reportedly said it would raise $3.5 billion for its VC fund, as well as another $1 billion for web3 seed investments, with the plans to be announced in March. The firm is ready to eclipse the $2.2 billion it raised in June 2021, which was at the time the crypto industry's largest.

The first fund will be used for investment in crypto start-ups and projects that are seeking investment for initiatives, while the second fund will be focused on investing in digital tokens and currencies.

Andreessen Horowitz, with almost $30 billion in assets under management, is one of Silicon Valley's top venture capital companies. The venture fund was one of the first major investors in companies like Skype, Facebook, Twitter, and Coinbase. If a16z is successful in attracting investors to raise $4.5 billion, it would become the industry's largest, surpassing Paradigm's $2.5 billion in Nov. 2021.

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A16z has backed a number of crypto-friendly gaming platforms, most recently Carry1st, which is the firm's first investment in a startup on the African continent. In Oct. 2021, a high-powered delegation from the VC firm engaged with members of Congress and administration officials in the U.S to discuss crypto rules.