The venture capital firm Andreessen Horowitz (a16z) will open its first office outside the United States this year, adding to the trend of American companies looking abroad for greener pastures.
Chris Dixon, Founder and Managing Partner of a16z, quoted a “predictable business environment” as one of the main factors in its decision to expand. The move comes amid a series of regulatory actions against cryptocurrency companies in the United States.
Big news to share: @a16z is expanding to the UK
We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024.
— cdixon.eth (@cdixon) June 11, 2023
Big news to share: @a16z expands to the UK. We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024. Why the UK?
Dixon said that the decision came after a “productive dialogue” with the UK prime minister, as well as “months of constructive talks” with the HM Treasury, UK policymakers and the Financial Conduct Authority. And he added:
“We are delighted 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 consumers.”
However, Dixon said the firm remains “heavily embedded” in the US, and will continue to work with policymakers and regulators to push for greater regulatory clarity for cryptocurrency startups..
Rishi Sunak, the new crypto-friendly British Prime Minister, attributed the news of a16z’s expansion to the existence of “proper regulation and barriers” to “encourage innovation.” while still protecting consumers.
Sunak was “delighted” with a16z’s decision:
“That is why I am delighted that Andreessen Horowitz, one of the world’s leading investors, has decided to open its first international office in the UK, a testament to our world-class universities and talent, and our strong and competitive business environment. .”
In addition to the new office, a16z has also announced its plan to launch a new “Crypto Startup School” (CSS) program in London in spring (March-June) 2024..
The CSS accelerator program will aim to attract UK and international entrepreneurs interested in building a career in Web3.
The most recent CSS program received more than 8,000 applicants, and 26 companies received an investment of a16z.
Our next Crypto Startup School will be Spring 2024 in London, & we hope to attract great teams from the region to build web3 projects. Our recent CSS in LA included teams from the UK, US, India, Germany, France, Argentina, Ecuador, & Canada.
— cdixon.eth (@cdixon) June 11, 2023
Our next Crypto Startup School will be in spring 2024 in London, and we hope to attract great teams from the region to build web3 projects. Our recent CSS in LA included teams from the UK, US, India, Germany, France, Argentina, Ecuador and Canada.
The UK office will also “work closely with universities” in the UK to “provide talent and support” to blockchain-based clubs. and to encourage blockchain technology to be taught more in the classroom.
General Partner Sriram Krishnan will lead the new London office.
really excited for @a16z‘s expanding to the UK with our first international office in London.
— Sriram Krishnan – sriramk.eth (@sriramk) June 11, 2023
I’m really excited about @a16z expanding into the UK with our first international office in London. And I’m personally excited to move there at the end of this year.
Andreessen Horowitz is the world’s largest venture capital firm; has more than $35.8 billion in assets under management (AUM), according to the Sovereign Wealth Fund Institute.
On June 11, a16z He directed a $43 million Series A fundraiser for London-based Gensyna blockchain-based marketplace that connects buyers and sellers of computing power.
Some investments a16z’s most notables in the cryptocurrency space include Coinbase, Avalanche, Compound, Dapper Labs, Matter Labs, OpenSea, Optimism, PROOF, Solana, Uniswap, and Yuga Labs.
Cointelegraph reached out to a16z for comment on the situation, but did not receive an immediate response.
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