Andreessen Horowitz, the name behind venture capitalist firm a16z, is going international with a new crypto office in London. The new move from the venture capital company adds to the number of crypto-related firms in the US looking for a favorable environment outside the country.
a16z Cites US Regulatory Unclarity As A Push For Its International Move
On June 11, Andreessen Horowitz (a16z) announced that its first international office would kick off in London later this year.
The founder and managing partner of a16z crypto, Chris Dixion, explained the importance of regulatory clarity in building decentralized blockchain startups. He stated that the US crypto regulatory pressure is part of the reasons for a16z expansion into the UK.
According to the executive, decentralization is key to spurring the benefits and growth of web3 and blockchain startups. However, he added, “it takes time for projects to metamorphose into DeFi (Decentralize Finance) networks.”
Most importantly, this transformation process would require a supportive regulatory framework. Further, Dixion stated that the firm discussed with the UK Prime Minister before expanding in the region. He noted that the move took several months of positive conversations with the UK policymakers, HM Treasury, and the regional Financial Conduct Authority.
The executive mentioned that the UK government is aware of the “benefits” of Web3. So, the authorities are supporting Web 3 innovations by creating favorable policies that incentivize blockchain startups and encourage decentralization. Dixion said:
While expressing his excitement for the expansion move, Dixion said: We’re thrilled 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.
Regarding a16z business in the US, Dixion mentioned that the firm is heavily invested in the country. So, it will strive to cooperate with the US policymakers and regulators, which “will help to push for more clarity in the regulations of crypto startups.”
a16z To Launch Crypto Startup School Program In London
Following its kick-off in the UK, the venture capital firm plans to launch a new Crypto Startup School (CSS) accelerator program in London.
The CSS program will occur in the spring of 2024 in line with its planned activities. The CSS program would be attractive for UK and international entrepreneurs interested in building a career in Web3. The latest CSS program got over 8,000 applicants, with 26 firms bagging investment opportunities from a16z.
According to Sovereign Wealth Fund Institute data, a16z is the biggest global venture capital firm. It boasts over $35.8 billion in assets under management (AUM).
Featured image from Pixabay and chart from TradingView.com
