U.S. venture capital firm Andreessen Horowitz (a16z) has announced its plans to set up its first international office in the UK capital, London. The move comes as the UK government seeks to make the country a hub for Web3, the next generation of the internet built on blockchain technology.
a16z to Set Up Intl Office in London
The London office will be operational later this year and will be led by the firm’s general partner, Sriram Krishnan. According to a press release, the London office will focus on providing crucial support for startups focused on blockchain technology in addition to providing them with funds.
With the announcement, the US-based firm joins a list of high-profile companies that have established an operational presence in the UK as the nation continues to signal its ambition to be a hotspot for technology, finance, and innovation.
U.K. Sees the Promise of Web3
a16z general partner Chris Dixon said in a blog post that the company has been “working with policymakers and regulators across the globe, and during our discussions it has become clear that the U.K. government sees the promise of web3, with Prime Minister Rishi Sunak suggesting the U.K. can become a hub of web3 innovation.”
The UK government has been a vocal supporter of Web3, and Prime Minister Sunak has said that he wants the country to be a global hub for crypto asset technology and innovation. Moreover, he signaled his support towards a16z’s latest expansion.
Sunak noted that embracing innovative technologies like Web3, which is supported by blockchain technology, will benefit startups and bolster the country’s economy.
“That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the U.K. – which is testament to our world-class universities and talent and our strong competitive business environment,” he added.
Meanwhile, Andreessen Horowitz’s decision to expand into London comes amid a major crackdown on the crypto industry by the US Securities and Exchange Commission (SEC), which has sued some of the world’s largest cryptocurrency exchanges, such as Binance and Coinbase, for allegedly violating its regulations.
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