A16z Crypto, the crypto division of Andreessen Horowitz, has opened its first office in Seoul, South Korea, as part of its growth into Asia.
A16z mentioned that there is a large number of crypto exchange in Asia, especially in South Korea, which has the second-largest cryptocurrency market in the world. Nearly one in three adults in South Korea own crypto.
To lead the expansion, A16z has appointed Sungmo Park, who previously worked as the APAC lead at Monad and Polygon. Park will help connect with companies and founders in the region to promote crypto adoption and strengthen the market.
A16z Crypto supports many blockchain startups, such as Aptos, Dapper Labs, and Yuga Labs, and has raised over USD 7.6 billion across its funds.
The opening of A16z Crypto's South Korea office holds a significant step in its efforts to tap into the fast-growing Asian market. This expansion will allow the company to engage directly with the region’s vibrant crypto ecosystem, build partnerships, as well as offer customized support to startups. With a strong local presence, A16z Crypto focuses to drive further adoption as well as growth across Asia’s rapidly evolving blockchain industry.
Executive Statement
According to Anthony Albanese, managing partner and COO of a16z crypto, their expansion will offer go-to-market support for portfolio companies seeking to accelerate growth, forge strategic partnerships, and build lasting communities across Asia. A16z crypto backs exceptional founders, providing not just capital but also hands-on support to help them grow into transformative companies. Through the network, experience, and relationships they have built over the years in this industry, they will help a16z crypto’s founders access not just a new market, but the regional context and knowledge they need to scale (and vice versa).