Andreessen Horowitz, the Silicon Valley-based venture capital firm with $35 billion in assets under management, has announced its first office outside the US in London. The move is based on the firm’s belief that the UK government is creating a more favourable environment for blockchain start-ups in the wake of a US financial regulator clampdown on crypto. London’s status as a fintech centre has been tested in recent years, with struggles at flagship start-ups and the loss of top talent. Nonetheless, the city remains a major financial and tech hub.
Andreessen Horowitz is to focus on crypto and blockchain. Its London office will operate a Crypto Startup School accelerator programme, among other initiatives. The UK has set out its ambitions to attract crypto businesses and is developing a regulatory framework that brings digital assets trading in line with similar standards for securities trading, such as for stocks and bonds. Rishi Sunak, UK Prime Minister, sees the move as a testament to the country’s talent pool and business environment.
Andreessen Horowitz chose London over rival locations, such as Singapore and Dubai, that have sought to attract talent in the crypto market. The company’s decision will help the city to grow its critical mass as a hub for blockchain technology. In contrast with the US, Dixon, the leader of Andreessen Horowitz’s crypto investments, cited the UK’s “thoughtful approach” to crypto regulation that offers greater legal certainty for entrepreneurs. The firm still plans to invest in American crypto companies, however.
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