Crypto

Andreessen Horowitz Establishes its First Crypto Office in London

06/13/2023
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The crypto investment arm of venture capital firm Andreessen Horowitz, a16z, said on Sunday, June 11, that it will open its first overseas office in London, United Kingdom. Though it was not stated explicitly, this major announcement was shared within a week of the U.S. regulators increasing their scrutiny of the crypto industry. The company stated that the U.K. government can create clear regulatory regimes and a hospitable environment necessary for the success of crypto startups. 

Taking to his official Twitter handle, Chris Dixon, a16z’s crypto founder, and managing partner, shared the exciting news while noting other details of the announcement.  

This move from Andreesen, Dixon mentioned, is a culmination of productive dialogue with the U.K. Prime Minister, Rishi Sunak, and months of constructive conversations with policymakers across the globe. However, he further added, “We will remain heavily invested in the U.S. We continue to be committed to working with U.S. Policymakers and regulators to push for more regulatory clarity for crypto startups here.”

Andreessen Horowitz has about $35 Billion in assets under management, while its crypto practice, a16z, manages nearly $7.6 Billion (£6.05 Billion) of committed capital. The firm’s London office, set to open later this year, will be led by General Partner, Sriram Krishnan, who will work alongside a team “to grow the crypto and startup ecosystem in the U.K. and Europe.”

As per the announcement, a16z’s London office focuses on hosting a Crypto Startup School accelerator program in Spring 2024. Through this, Andreessen Horowitz plans to closely work with universities throughout the U.K. to support the development of blockchain technologies and startups. This novel step is a part of the firm’s broader set of initiatives intended to flourish the financial economy of the UK.

The U.K. Government Sees The Promise of Web3: Andreessen

While American financial regulators are taking enforcement actions against the leading crypto companies this year, the U.K. is striving to build a regulatory framework to attract crypto businesses. The British government has been taking significant steps to ensure that the U.K. remains at the forefront of technology and innovation. 

“It is my ambition to make the U.K. a global hub for cryptoasset technology,” noted Rishi Sunak, U.K.’s new pro-crypto Prime Minister, while addressing the decision of the U.K. government to see stablecoins as a valid form of payment.  

Andreessen acknowledged in the announcement that “the U.K. government sees the promise of web3.” In another statement, Dixon noted, “We are thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace Web3 and protect customers.”

Welcoming the news, the leader also shared the groundbreaking news on his Twitter handle on June 12, Monday. 

“I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the U.K.,” Sunak said in a prepared statement. He went on saying that the bold decision “is a testament to our world-class universities and talent, and our strong competitive business environment.”

Nancy J. Allen
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Source: https://www.thecoinrepublic.com/2023/06/12/andreessen-horowitz-establishes-its-first-crypto-office-in-london/