Global venture capital firm Andreessen Horowitz has raised a $300 million fund to back new cryptocurrency-related ventures or invest directly in digital currencies.

Kathryn Haun, a former prosecutor at the Department of Justice, has become the firm’s first female general partner and will co-lead the new fund alongside general partner Chris Dixon.

Over the next two to three years, the firm plans to invest in early-stage coins and tokens as well as later-stage networks including bitcoin or ethereum.

Dixon told CNBC the firm will be taking a long-term and “patient” approach in the space.

He said: "We've experienced ups and downs in the cryptocurrency market, and expect there will be many more.

"There’s potential in the technology, and some of the downturns can be the best investments."