The venture capital firm a16z is closing its London office to concentrate on the US crypto market.
According to the Financial Times, Silicon Valley-based venture capital company Andreessen Horowitz is preparing to withdraw from the UK cryptocurrency investing industry.
Venture Capital Firm a16z To Closing Its London Office To Concentrate On The US Market
Amid the UK government’s efforts to establish the nation as a center for blockchain and cryptocurrency, A16z stated that it would create an office in the UK in 2023.
The web3 platform Improbable, the Ethereum-based privacy zero-knowledge rollup Aztec, and the decentralized storage network Arweave are among the UK-based cryptocurrency initiatives that have gained support from Andreessen Horowitz. The company also backed Gensyn AI, a startup focused on artificial intelligence.
The relocation of Andreessen Horowitz coincides with a new role for the UK business partner of the venture capital platform. Sriram Krishnan is joining President Donald Trump’s government after resigning from his position in 2024.
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Andreessen Horowitz wants to return his attention to the US. His cryptocurrency investment unit has supported some of the most significant projects in the ecosystem.
The Silicon Valley company will look at the development potential indicated by the Trump administration as it decreases its investments in the UK cryptocurrency sector by closing its London location.
Earlier this week, an article from a16z Crypto hailed the USUS revisions as a “new dawn” for the Securities and Exchange Commission.
According to the report, the SEC has a chance to “balance innovation and consumer protection” and establish clear regulations for cryptocurrencies. These actions include projects to offer guidelines for custody and settlement, crowdfunding regulations, and airdrops.
