Amid US Securities and Exchange’s attack on the crypto industry, venture capital firm Andreessen Horowitz (a16z) intends to expand its horizons to the UK
The San Francisco-based firm is praising the country for what it considers an innovative approach to cryptocurrency and blockchain regulation.
“The UK government sees the promise of web3,” with a keen interest in establishing the country as a hub for web3 innovation, Andreesen managing partner Chris Dixon so.
The UK’s policy framework is uniquely tailored to blockchain and digital asset regulation, reflecting a forward-looking attitude by focusing on an outcomes-based approach while maintaining consumer protection.
Dixon praised the UK’s willingness to work with industry to recognize the distinct capabilities of blockchain technology.
“The UK also has deep pools of talent, world-leading academic institutions and a strong entrepreneurial culture,” added Dixon.
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Blockchains can cultivate services akin to existing digital services, Dixon explained, citing how they empower users, provide seamless commerce with lower transaction fees, and pave the way for innovative media and AI services.
“We’re at the beginning of crypto,” Dixon noted. As for the rapid growth of crypto developers, the number will reach one million by 2030, he predicts.
Also read: Crypto.com Slams the Door on US Institutional Clients: A Refuge or a Rebellion?
First international office
The Andreessen Horowitz London office, which is scheduled to open later this year, will be led by the General Partner Sriram Krishnan.
The team will focus on strengthening the crypto and startup ecosystem across the UK and Europe.
“We have invested in a number of UK-based crypto companies including Arweave, Aztec and Improbable. And we are pleased to announce our latest investment in UK-based Gensyn,” said Dixon.
Revisionfounded by Ben Fielding and Harry Grieveis working on a decentralized computing protocol to enable developers to create state-of-the-art AI systems.
In addition, Andreessen Horowitz is set to host its next Crypto Startup School in London in spring 2024.
The firm expects to attract a diverse range of teams from the UK, Europe and beyond, eager to develop web3 projects.
Support from UK management
Prime Minister of Great Britain Rishi Sunak stated, “As we cement Britain’s place as a science and technology superpower, we need to embrace new innovations like Web3, powered by blockchain technology, which will enable startups to flourish here and grow the economy.”
“That’s why I’m thrilled that world-leading investor Andreessen Horowitz has decided to open its first international office in the UK – a testament to our world-class universities and talent and our strong competitive business environment,” he added.
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