Andreessen Horowitz to open first international office in London, led by Sriram Krishnan

Sriram Krishnan recently also served as an adviser to Elon Musk at Twitter following the billionaire’s takeover of the social media company.

US-based venture capital firm Andreessen Horowitz (a16z) announced on June 11 that it will set up its first international office in London. This comes at a time when US regulators are intensifying their scrutiny of the cryptocurrency industry. The London office, which is set to open later this year, will be led by one of the firm’s general partners Sriram Krishnan, the company said in a blog post. Krishnan recently also served as an adviser to Elon Musk at Twitter following the billionaire’s takeover of the social media company.

"We have been working with policymakers and regulators across the globe, and during our discussions, it has become clear that the UK government sees the promise of web3, with Prime Minister Rishi Sunak suggesting the UK can become a hub of web3 innovation," said Chris Dixon, who leads Andreessen Horowitz’s crypto investments, in the blog post.

As part of the move, a16z also announced an investment in UK-based Gensyn. Prior to this, a16z has invested in several other crypto companies based in the UK, such as Arweave, Aztec, and Improbable.

The decision comes amidst increased regulatory scrutiny by the US Securities and Exchange Commission (SEC) on the crypto industry. The SEC has recently filed lawsuits against leading cryptocurrency exchanges Coinbase and Binance, accusing them of violating its regulations.

Dixon, however, said that the firm will continue to invest in the US and work with policymakers there.

"We will remain heavily invested in the U.S. We continue to be committed to working with U.S. policymakers and regulators to push for more regulatory clarity for crypto startups here," Dixon said.

Andreessen Horowitz, a major cryptocurrency investor, also plans to host its next Crypto Startup School in Spring 2024 in London.