Crypto venture capital firm Andreessen Horowitz is the latest large industry player looking to remove itself from the increasing hostility in the United States. On June 11, the crypto venture giant, also known as a16z, announced that it was expanding operations to the United Kingdom.
The firm stated that it would be opening its first office outside of the U.S. in London later this year. General Partner Sriram Krishnan will head the new office, it noted.
Crypto Venture Capital a16z Coming to Britain
The team will be working to grow the crypto and startup ecosystem in the U.K. and across Europe. A16z also plans to host its next Crypto Startup School in the spring of 2024 in London.
The firm stated that blockchain, crypto, and Web3 can only succeed “with a clear regulatory regime that provides an open pathway for startups.”
It noted that the U.K. government sees the promise of Web3. Prime Minister Rishi Sunak has previously suggested that the country can become a hub of blockchain and web3 innovation.
The U.K. has not cracked down on crypto as hard as the U.S. Nevertheless, its banks and financial regulators have shown a lot of disdain for the asset class and industry.
Sunak reiterated his pledge to the industry, commenting on the a16z move:
“As we cement the UK’s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy.”
“I am thrilled world-leading investor Andreessen Horowitz has decided to open their first international office in the UK,” he added.
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A16z has invested in several British crypto firms, including Arweave, Aztec, and Improbable. On June 11, it also announced leading the investment round for AI blockchain startup Gensyn.
The Silicon Valley venture capital firm was an early backer of Facebook, Twitter, Coinbase, and Stripe. It has around $35 billion in assets under management and is still very active in the crypto investment scene.
Crypto Exodus Continues
Andreessen Horowitz has joined a growing number of crypto and Web3 firms leaving the U.S. Rival firm Sequoia Capital announced a decoupling from the United States last week by splitting off its China and India divisions.
Several leading crypto exchanges have decided to curtail or shutter services in America. These include Bittrex, Binance, Crypto.com, Galaxy Digital, Nexo, and Paxo.
Furthermore, Coinbase is opening an international exchange following regulatory approval in Bermuda. Gemini has also announced expansion into India and a new European headquarters in Ireland.
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