Enterprise capital (VC) big Andreessen Horowitz (a16z) is scaling again its high-profile push into the UK crypto market, as reported by The Monetary Occasions, to refocus its efforts on the US below President Donald Trump’s administration.
The agency, which opened its first workplace outdoors the US in London in 2023, had touted its enlargement as a major dedication to the UK’s crypto trade.
Nonetheless, two sources with information of the agency’s discussions revealed that a16z has not too long ago signaled to UK entrepreneurs and policymakers that it plans to cut back the time and sources allotted to its British operations.
The pivot comes because the Trump administration takes a crypto-friendly stance. On Jan. 23, the president signed an government order to advertise digital property within the US and discover creating a nationwide digital asset stockpile.
Sriram Krishnan, initially appointed to steer a16z’s UK operations, stepped again from his London-based position final yr and not too long ago joined the Trump administration, additional underscoring the agency’s shift in priorities.
Founders Marc Andreessen and Ben Horowitz have additionally emerged as supporters of Trump, advising him on expertise coverage.
Again to the US
Andreessen Horowitz’s London workplace, which opened with fanfare and endorsements from then-Prime Minister Rishi Sunak, was seen as a vote of confidence within the UK’s standing as a worldwide fintech hub.
Sunak described the agency’s arrival as a testomony to the UK’s “world-class universities and expertise” and its “robust aggressive enterprise surroundings.”
The agency has invested in a number of UK-based crypto firms, together with Arweave, Aztec, and Inconceivable, however many of those offers have been led from its US headquarters.
Chris Dixon, who leads a16z’s crypto investments, had praised London as a “main monetary hub” and a “very enticing place for individuals to reside” in the course of the agency’s preliminary UK enlargement.
Nonetheless, current conversations with native entrepreneurs recommend that the agency is more and more decreasing its London presence to occasional visits from US-based companions.
Andreessen Horowitz has $43 billion in dedicated capital. In accordance with information from DefiLlama, the VC fund has almost 200 offers associated to crypto corporations, with a choice for groups constructing infrastructure initiatives.