Andreessen Horowitz, popularly referred to as a16z in Silicon Valley, plans to open the company’s first international office in London this year.
UK has a ‘Predictable Business Environment’
a16z’s managing partner and founder Chris Dixon highlighted a “predictable business environment” to be one of the main reasons behind the company’s decision to expand its scope. Note the news comes amid the current wrath of regulatory agencies taking actions against crypto companies in the United States.
Dixon stated that the decision was made following “months of constructive conversations” with HM Treasury, British officials, and the Financial Conduct Authority in addition to a “productive dialogue” with the British prime minister.
“We’re thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace web3 and protect consumers,” he explained.
Rishi Sunak Acknowledges a16z’s Presence in UK
Rishi Sunak, the United Kingdom’s prime minister, acknowledged the confirmation to having the “right regulation and guardrails” established to “foster innovation” while also protecting customers.
“That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK – which is testament to our world-class universities and talent and our strong competitive business environment,” the UK Prime Minister said.
a16z to Introduce a Crypto Startup School
Furthermore, a16z also disclosed plans to introduce a “Crypto Startup School” (CSS) programme in London March of 2024 in an effort to attract entrepreneurs from the UK and beyond.
A Comeback from the Crypto Winter
It is noteworthy that the fourth cryptocurrency and Web 3.0 fund was formed by Andreessen Horowitz more than a year ago.
The “Crypto Fund 4” was created with a $4.5 billion capital basis under the name of the Fund. The company divided the money in two, allocating $1.5 billion for funding startup development at the initial phase and the majority ($3 million) for venture capital.
Furthermore, even after suffering a 40% loss during the crypto winter, a16z said at the end of the previous year that it still had billions to invest in cryptocurrencies and Web3.0.