The U.S.-based venture capital (VC) firm Andreessen Horowitz's crypto investment unit, a16z crypto, has announced its plans to open its first international office in London, U.K. The move followed the consecutive lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against two major crypto exchanges, Binance and Coinbase. The firm said the crypto industry could only succeed with a clear regulatory framework offering open pathway startups, protecting consumers from fraud and manipulation, and facilitating decentralization, instead of hindering it. - The unit added that such an approach exists in the U.K, and the country's policymakers and regulators adopt a strategy specially designed for blockchain and digital asset technology.
- The office in the U.K. will be led by Sriram Krishnan, a general partner of the investment arm, and will aim to grow the crypto and startup ecosystem in the U.K. and Europe.
- The company will also open its next Crypto Startup School in London within the spring months of 2024 and work with blockchain clubs at the country's leading universities.
- On the other hand, Andreessen Horowitz underlined that their investments would remain heavily in the U.S., continuing to be committed to working with U.S. regulators to push for more regulatory clarity for crypto startups in the country.
- U.K. Prime Minister Rishi Sunak said he is thrilled that world-leading investor Andreessen Horowitz decided to open its first international office in the U.K.
Sunak has been pushing to make the U.K. a global crypto hub since his finance ministry. - However, the country's financial regulator, the Financial Conduct Authority (FCA), has seen crypto as a high-risk asset class for several years.
- Over the last several months, many crypto-related firms, including Gemini and Coinbase, have shown interest in a potential presence in the U.K., citing the country's regulatory environment seeking to provide more clarity compared to the U.S.
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