Silicon Valley venture capital firm Andreessen Horowitz plans to open its first international office in London, citing the hot climate of British Prime Minister Rishi Sunak's government and local regulators for crypto companies as a factor in this decision.
London Becomes the European Capital of Crypto
In the statement made by the company headquartered in Menlo Park, California, it was stated that the new office, which is planned to open this year, will be established by the company's $ 7.6 billion crypto money investment arm a16z crypto and will be managed by Sriram Krishnan, one of the general partners of the firm.
This move by one of crypto's most influential proponents came as US regulators continue to put pressure on the beleaguered digital asset sector, encouraging companies and investors to expand or establish their bases abroad.
The U.S. Securities and Exchange Commission earlier this month that both Binance Holdings Ltd. as well as Coinbase Global Inc. sued for alleged violations of securities rules.
Coinbase, of which Andreessen is an early investor, previously announced plans to establish an international trading platform in Bermuda.
Also known as a16z, Andreessen said he is spearheading a $43 million investment round in UK-based blockchain AI project Gensyn and plans to position its accelerator program for crypto companies in the British capital next year.
"We've been meeting with leaders in the UK for a while," Chris Dixon, founder and managing partner of a16z crypto, said in an interview.
"As an emerging tech power, we're generally bullish in the UK," said Dixon, noting that the country is "ahead of the curve" when it comes to crypto regulations, with policymakers taking a "nuanced approach to blockchain and Web3."
*Not investment advice.