SNEAK PEEK

• Andreessen Horowitz opens first non-U.S. office in London.
• The firm sees the U.K. as a potential global crypto leader.
• A16z remains hopeful of favorable U.S. crypto regulations.

In a significant move, Andreessen Horowitz, the trailblazing venture capital firm, has chosen London as the home of its first non-U.S. office. The firm is investing in the U.K.’s burgeoning crypto scene even as it faces headwinds back home in America. Notably, this move comes on the heels of a lawsuit by the U.S. Securities and Exchange Commission against Coinbase, an ex-portfolio company of the firm.

Chris Dixon, the renowned general partner at the helm of the firm’s crypto fund, shared his worries regarding the Biden administration. He conveyed to Fortune that the current scenario seems like a concerted effort to suppress this burgeoning technology. However, he confidently pointed out that the U.K. possesses all the ingredients necessary for nurturing and empowering emerging technologies.

Building Bridges in the U.K. Crypto Market

Scheduled to open later this year, a16z’s London office will be headed by Sriram Krishnan, a general partner at the firm. In conjunction with this announcement, a16z has also invested $43 million in Gensyn, a U.K.-based startup that combines the power of crypto and artificial intelligence. 

The project, referred to as “Airbnb for GPUs,” leverages blockchain technology to create a marketplace for companies seeking computing power. Previous investments by a16z in U.K.-based crypto companies, including Arweave, Aztec, and Improbable, further demonstrate the firm’s commitment to the region.

Additionally, a16z plans to collaborate with universities to establish blockchain clubs and nurture talent within the crypto space. The firm’s Crypto Startup School accelerator program, aimed at supporting entrepreneurs building Web3 startups, has witnessed significant interest. According to the reports, around 8,000 applicants and 26 companies benefit from a16z’s investment and mentorship.

More importantly, the firm views the U.K. as a potential haven and global crypto leader, as prospects in the U.S. seem dim, at least for now. Brian Quintenz, a16z Crypto’s policy head and a former U.S. Commodity Futures Trading Commission commissioner, confirmed this sentiment. 

Quintenz mentioned that the U.K. is contemplating a regulatory approach similar to a draft bill proposed by the Republican chairs of the U.S. House Financial Services and Agriculture committees.

Despite expanding its presence globally, a16z emphasizes that it remains a U.S.-based firm. Dixon maintains optimism that U.S. lawmakers will eventually recognize the significance of crypto and implement appropriate regulations, citing the historical precedent of early internet legislation. He anticipates that the crypto industry will thrive like the internet’s evolution, and the U.S. will ultimately embrace it.

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• Source: https://investorbites.com/andreessen-horowitz-breaks-ground-with-u-k-crypto-outpost/