Andreessen Horowitz (a16z) will open its first office outside of the US later this year, adding to the growing number of American firms choosing to go outside of the country as the SEC clamps down.
a16z’s crypto founder Chris Dixon said a “predictable business environment” was behind its move as the SEC continues its onslaught on crypto companies in the United States.
Dixon added: “We have been working with policymakers and regulators across the globe, and during our discussions it has become clear that the UK government sees the promise of web3, with Prime Minister Rishi Sunak suggesting the UK can become a hub of web3 innovation. UK authorities are also willing to work with the industry to create policies that incentivize startups to pursue decentralization.
“More specifically, the UK policymakers and regulators are taking an approach that is uniquely tailored to blockchain and digital asset regulation.”
He went on to say: “While there is still work to be done, we believe that the UK is on the right path to becoming a leader in crypto regulation. The UK also has deep pools of talent, world-leading academic institutions, and a strong entrepreneurial culture. It is home to more “unicorns” than Germany, France, and Sweden combined; to some of the world’s largest financial markets and pools of capital; and to highly-sophisticated, world-class regulators. All of these make the UK strongly positioned to lead in web3.”
Rishi ‘thrilled’ with a16z news
The PM Rishi Sunak said he was “thrilled” with the news. He commented: “As we cement the UK’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.
“That success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there’s still work to do, I’m determined to unlock opportunities for this technology and turn the UK into the world’s Web3 centre.
“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.”
With more $35.8billion in assets under management, Andreessen Horowitz is the largest venture capital firm in the world, according to the latest stats from Sovereign Wealth Fund Institute.
