a16z to close London office to focus on U.S. crypto market: report
The post a16z to close London office to focus on U.S. crypto market: report appeared on BitcoinEthereumNews.com.
Andreessen Horowitz, the Silicon Valley-based venture capital giant, is planning a pullback from the crypto investing market in the United Kingdom, the Financial Times has reported. Per the report, the crypto arm a16z is closing its London office, with the move set to see the venture capital firm refocus on the crypto investing market in the United States. A16z announced the opening of a UK office in 2023, with this coming amid the UK government’s push to position the country as a crypto and blockchain hub. UK-based crypto projects that received backing from Andreessen Horowitz include decentralized storage network Arweave, Ethereum-based privacy zero-knowledge rollup Aztec, and web3 platform Improbable. Artificial intelligence-focused startup Gensyn AI also received backing from the firm Andreessen Horowitz’s move comes as the venture capital platform’s UK business partner takes up a new role. Sriram Krishnan stepped down from his role in 2024 and is joining President Donald Trump’s administration. The US crypto market is abuzz with optimism after Trump’s crypto executive order added to a series of pro-crypto developments since his election victory and inauguration. Andreessen Horowitz, whose crypto investing unit has backed some of the biggest projects in the ecosystem, is looking to shift focus back to the United States. As the Silicon Valley firm reduces its investments in the UK’s crypto market with the closure of its London office, it will eye the potential for growth signaled by the Trump administration. Earlier this week, a16z Crypto published an article that highlighted changes in the U.S. as a “new dawn” for the Securities and Exchange Commission. The article noted that the SEC has an opportunity to take key steps toward establishing clear regulations for crypto as well as “balance innovation and consumer protection.” Among these steps are efforts to provide guidance on airdrops, crowdfunding rules,…
Filed under: News - @ January 24, 2025 8:26 pm