- a16z has introduced that it’s going to open its first worldwide workplace in London amid US crypto tensions.
- The corporate has invested $43 million in UK-based AI and cryptocurrency startup Gensyn.
- This new department goals to develop expertise by blockchain golf equipment and academic packages.
VC agency Andreessen Horowitz (a16z) has forayed into the UK crypto scene, opening its first abroad workplace in London. The transfer comes amid heightened regulatory tensions within the US and has led the corporate to look to the UK as a doubtlessly extra welcoming setting for cryptocurrency ventures.
The brand new department will spearhead a16z’s crypto fund operations beneath the management of Common Companion Sriram Krishnan. The corporate backs its transfer with a $43 million funding in UK-based AI and cryptocurrency startup Gensyn, touted because the “Airbnb of GPUs.” The funding follows a collection of earlier investments in different UK-based cryptocurrency ventures, together with Arweave, Aztec and Inconceivable.
In keeping with a latest submit on the a16z web site, the London workplace goals to be a hub for cryptocurrency expertise improvement. The corporate additionally introduced plans to work with universities in establishing a blockchain membership and working a crypto startup faculty accelerator program. These efforts are aimed toward supporting entrepreneurs constructing Web3 startups.
The corporate’s enlargement into the UK has been strategically timed as lawmakers like Prime Minister Rishi Sunak and MP Lisa Cameron are aggressively pushing for cryptocurrency and blockchain regulation. A16z hopes its ventures within the UK will assist information the controversy on these rules and envisions the UK changing into a world chief in cryptography sooner or later.
Brian Quintents, Head of Coverage for a16z Crypto and former Commissioner of the U.S. Commodity Futures Buying and selling Fee, emphasised the UK’s intention to introduce a regulatory framework that promotes decentralization whereas sustaining a excessive degree of buyer safety. This regulatory clarification effort and openness to blockchain innovation has positioned the UK as a lovely funding vacation spot for cryptocurrency firms and enterprise capitalists.