- a16z has introduced its first worldwide workplace in London amid US crypto tensions.
- The corporate invests 43 million USD to UK-based AI and cryptocurrency startup Gensyn.
- The brand new department is devoted to nurturing expertise via blockchain golf equipment and academic packages.
VC agency Andreessen Horowitz (a16z) is coming into the UK crypto scene, opening its first abroad workplace in London. The transfer comes amid rising regulatory tensions within the US, which has seen the corporate look to the UK as a doubtlessly extra hospitable atmosphere for cryptocurrency companies.
The brand new affiliate will lead the operations of a16z cryptocurrency funds below the management of basic companion Sriram Krishnan. The corporate is basing its transfer on a $43 million funding in Gensyn, a UK-based AI and cryptocurrency startup dubbed the Airbnb GPU. This funding follows a number of earlier injections into different UK-based crypto corporations resembling Arweave, Aztec and Unbelievable.
In accordance with a current put up on the a16z web site, the London workplace is ready to turn out to be a hub for creating cryptocurrency expertise. The corporate additionally introduced plans to companion with universities to ascertain blockchain golf equipment and run the Crypto Startup College accelerator program. These initiatives purpose to assist entrepreneurs create web3 startups.
The corporate’s enlargement into the UK is strategically timed as Prime Minister Rishi Sunak and lawmakers resembling MP Lisa Cameron are actively pursuing cryptocurrency and blockchain rules. A16z hopes her UK firm will help lead this regulatory debate, envisioning the UK as a future world chief in cryptocurrency expertise.
Brian Quintenz, head of crypto coverage at a16z and a former member of the US Commodity Futures Buying and selling Fee, highlighted the UK’s intention to implement a regulatory framework that upholds excessive requirements of buyer safety and promotes decentralisation. This push for regulatory readability and willingness to embrace blockchain innovation make the UK a gorgeous funding vacation spot for crypto corporations and enterprise capitalists.
