A16z Chooses London as Destination for First Office Outside U.S.

Venture superior elephantine Andreessen Horowitz (a16z) chose London arsenic the tract for its archetypal bureau extracurricular the U.S., saying the U.K. authorities is consenting to make policies that promote startups to prosecute decentralization.

Menlo Park, California-based A16z plans to usage the office, which volition unfastened aboriginal this twelvemonth and beryllium led by Sriram Krishnan, to put successful the crypto and startup ecosystem successful the U.K. and Europe, it said Sunday.

The steadfast besides cited its caller investments successful U.K.-based companies, including leading a $43 cardinal Series A backing round into blockchain-based computing resources for artificial quality platforms (AI) supplier Gensyn, which was besides announced connected Sunday.

A16z's determination comes arsenic the U.K.'s crypto regulatory outlook is gaining clarity. The authorities plans to bring crypto into the realms of existing fiscal services regulation, an attack that is supported by the All Party Parliamentary Group (APPG) for crypto assets. There is immoderate disagreement, however, from the House of Commons Treasury Select Committee, which says crypto should beryllium treated similar gambling. That connection has met with backlash by those successful the industry.

"While determination is inactive enactment to beryllium done, we judge that the U.K. is connected the close way to becoming a person successful crypto regulation," a16z said. "It is location to much 'unicorns' than Germany, France, and Sweden combined; to immoderate of the world’s largest fiscal markets and pools of capital; and to highly-sophisticated, world-class regulators."

U.K. Prime Minister Rishi Sunak welcomed the decision, saying: "We indispensable clasp caller innovations similar Web3, powered by blockchain technology, which volition alteration start-ups to flourish present and turn the economy."

A unicorn is simply a privately owned startup with a worth of astatine slightest $1 billion.

A16z said it remains heavy invested successful the U.S., wherever it volition proceed to propulsion for regulatory clarity for crypto startups.