a16z retreats from UK as Trump administration revitalizes US crypto scene

Venture superior (VC) elephantine Andreessen Horowitz (a16z) is scaling backmost its high-profile propulsion into the UK crypto market, arsenic reported by The Financial Times, to refocus its efforts connected the US nether President Donald Trump’s administration.

The firm, which opened its archetypal bureau extracurricular the US successful London successful 2023, had touted its enlargement arsenic a important committedness to the UK’s crypto industry. 

However, 2 sources with cognition of the firm’s discussions revealed that a16z has precocious signaled to UK entrepreneurs and policymakers that it plans to trim the clip and resources allocated to its British operations.  

The pivot comes arsenic the Trump medication takes a crypto-friendly stance. On Jan. 23, the president signed an enforcement order to beforehand integer assets successful the US and research processing a nationalist integer plus stockpile. 

Sriram Krishnan, initially appointed to pb a16z’s UK operations, stepped backmost from his London-based relation past twelvemonth and precocious joined the Trump administration, further underscoring the firm’s displacement successful priorities. 

Founders Marc Andreessen and Ben Horowitz person besides emerged arsenic supporters of Trump, advising him connected exertion policy.  

Back to the US

Andreessen Horowitz’s London office, which opened with fanfare and endorsements from then-Prime Minister Rishi Sunak, was seen arsenic a ballot of assurance successful the UK’s presumption arsenic a planetary fintech hub. 

Sunak described the firm’s accomplishment arsenic a testament to the UK’s “world-class universities and talent” and its “strong competitory concern environment.” 

The steadfast has invested successful respective UK-based crypto companies, including Arweave, Aztec, and Improbable, but galore of these deals were led from its US headquarters. 

Chris Dixon, who leads a16z’s crypto investments, had praised London arsenic a “major fiscal hub” and a “very charismatic spot for radical to live” during the firm’s archetypal UK expansion.

However, caller conversations with section entrepreneurs suggest that the steadfast is progressively reducing its London beingness to occasional visits from US-based partners.

Andreessen Horowitz has $43 cardinal successful committed capital. According to information from DefiLlama, the VC money has astir 200 deals related to crypto firms, with a penchant for teams gathering infrastructure projects.

The station a16z retreats from UK arsenic Trump medication revitalizes US crypto scene appeared archetypal connected CryptoSlate.