US venture capital firm Andreessen Horowitz (a16z) will open its first international office in London, led by Sriram Krishnan, one of the firm’s general partners.
The new office to be set up in London will focus on supporting the development of crypto, blockchain technologies and related Web3 initiatives. Andreessen Horowitz has committed $7.6 billion to crypto startups. Chris Dixon, who manages Andreessen Horowitz’s crypto investments, made comments on the subject. Dixon said in a statement: “London is a major financial and technology hub, and frankly, it’s a very attractive place for people to live. You really need to reach a critical audience to take action, and we hope we can be a part of that and make London a more active technology hub.”
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Chris Dixon stated that the decision to open a UK office was made after a fruitful dialogue with UK Prime Minister Rishi Sunak, the Treasury Department, UK policy makers and the Financial Conduct Authority.
London’s long history in the financial world, major FinTech hub and softer regulatory approach to the crypto sector played a role in a16z’s strategic move. Dixon said that the UK’s thoughtful approach to crypto contrasts with legal uncertainty in the US, but the firm reaffirms its commitments to US crypto companies.
The UK government has already taken steps to create a more hospitable climate for Web3 compared to the US. The government is keen to re-establish London as a fintech hub after the massive loss of EU-based financial companies.
UK Prime Minister Rishi Sunak said he was excited by Andreessen Horowitz’s arrival, a testament to the world-class universities, talent and strong business environment. Sunak added that the expansion of a16z is due to having the right regulations and rules to encourage innovation.
In addition to the new office, A16z also announced its plan to launch a new Crypto Startup School (CSS) program in London in the spring of 2024.
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