As the US becomes more hostile to cryptocurrency, the leading venture capital firm, Andreessen Horowitz (a16z), opens its first foreign office in London.
UK Prime Minister Rishi Sunak Supports, a16z Prepares to Open UK Office
In an effort to advance the blockchain and Web3 industries, UK Prime Minister Rishi Sunak applauds the decision. To support Web3 development and the digital asset market, Sunak and lawmakers pledge to offer clear legislation and standards.
As we cement the U.K.’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. That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK — which is a testament to our world-class universities and talent and our strong competitive business environment.
Sunak
First International Office to Open
An official release states that later this year, Andreessen Horowitz’s a16z crypto will establish its first overseas office in London. A16z Crypto, a venture capital firm that oversees $7.6 billion in committed funds, is the biggest investor in businesses in the crypto and web3 industries.
The action comes as the Securities and Exchange Commission of the United States (SEC) intensifies its campaign against the cryptocurrency sector. Last week, the SEC filed lawsuits against the cryptocurrency exchanges Coinbase (COIN) and Binance for allegedly breaking securities laws.
The Biden administration is trying to kill cryptocurrency, according to Chris Dixon, founder and managing partner of a16z crypto. However, the UK has a wealth of expertise, academic institutions that are renowned worldwide, and a strong entrepreneurial culture. General Partner Sriram Krishnan will be responsible for managing the London office. Dixon added a tweet explaining why the UK is the ideal place for its first international growth.
About a16z Crypto
The $300 million venture firm a16z Crypto will invest in cryptocurrency businesses and systems. The company’s fund is built with traditional venture capital elements that have been modernized for the crypto realm.
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