(Reuters) -U.S. venture capital firm Andreessen Horowitz, a major cryptocurrency investor, said on Sunday it will set up its first international office in London, at a time when U.S. regulators have increased scrutiny of the cryptocurrency sector.
The London office, set to open later this year, will work with universities in the UK and support the development of blockchain technologies and startups, the company said in a statement, adding that it will be led by one of the firm’s general partners, Sriram Krishnan.
The move by Andreessen comes at a time when the U.S. Securities and Exchange Commission (SEC) has been cracking down on the crypto industry, suing cryptocurrency exchanges Coinbase and Binance last week for allegedly breaching its rules.
“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,” said Chris Dixon, founder and managing director of Andreessen’s a16z crypto fund, which is setting up the office.
The decision follows talks with British Prime Minister Rishi Sunak and other authorities for months, Dixon said.
Sunak said in the statement he is “determined to unlock opportunities” for blockchain technology and “turn the UK into the world’s Web3 centre”. Web3 is a much-hyped vision of a future internet built on blockchain.
(Reporting by Rishabh Jaiswal and Jahnavi Nidumolu in Bengaluru; Editing by Muralikumar Anantharaman)
