Breaking: UK PM Rishi Sunak Welcomes a16z Crypto First Expansion Amid US Woes
The largest venture capital firm Andreessen Horowitz (a16z) to open its first international office in London amid an increasingly hostile environment towards crypto in the US. The company will also host the next Crypto Startup School accelerator program in the country in 2024.
UK Prime Minister Rishi Sunak welcomes the move as the country looks to empower blockchain and Web3 space. The UK Prime Minister and policymakers promise to provide clear regulations and guidelines to foster Web3 development and the digital asset industry.
Andreessen Horowitz Opens First International Office in London
According to an official announcement, Andreessen Horowitz’s a16z crypto will open its first international office in London later this year. Venture capital fund a16z crypto is the largest investor in crypto and web3 startups and manages $7.6 billion in committed capital.
The move comes amid the U.S. Securities and Exchange Commission’s (SEC) continuing crackdown against the crypto industry, suing crypto exchanges Coinbase (COIN) and Binance last week for allegedly violating securities laws.
Chris Dixon, founder and managing partner at a16z crypto, asserts the Biden administration is trying to kill crypto and UK has deep pools of talent, world-leading academic institutions, and a strong entrepreneurial culture. The London office will be led by general partner Sriram Krishnan. He also shared why the UK is best for its first expansion.
The UK is on the right path for crypto regulation:
👉Working with industry on unique attributes of blockchain tech
👉Laying a foundation for future blockchain apps
👉Innovative sandbox approach to regulation
👉Outcomes-based regulation
👉Consumer protection front-and-center— cdixon.eth (@cdixon) June 11, 2023
“As we cement the U.K.’s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy,” Sunak said in a statement shared with CoinGape Media.
“That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK — which is testament to our world-class universities and talent and our strong competitive business environment.”
Rishi Sunak is an advocate for crypto and blockchain technologies. Other policymakers such as MP Lisa Cameron are pushing for digital asset regulation while protecting consumers, foster innovation, and allow start-ups turn to the UK flourishing web3 hub.
Also Read: Top 10 Web3 Games To Explore In 2023; Here List
a16z crypto Initiatives in the UK
a16z crypto has already invested in UK-based crypto companies including Arweave, Aztec, and Improbable. Moreover, blockchain-based AI compute protocol Gensyn today closed $43 million series A funding round led by a16z.
The VC firm also plans to start its a16z Crypto Startup School accelerator program in London in spring 2024 to attract web3 startups in the UK. Recent program enticed 8,000 applicants with 26 companies selected to receive investments from a16z.
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