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{"id":34879,"date":"2023-06-12T21:47:25","date_gmt":"2023-06-12T21:47:25","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/12\/london-lures-a16zs-first-international-office-with-predictable-crypto-regs\/"},"modified":"2023-06-12T21:47:26","modified_gmt":"2023-06-12T21:47:26","slug":"london-lures-a16zs-first-international-office-with-predictable-crypto-regs","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/12\/london-lures-a16zs-first-international-office-with-predictable-crypto-regs\/","title":{"rendered":"London lures a16z\u2019s first international office with \u2018predictable\u2019 crypto regs"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/12\/london-lures-a16zs-first-international-office-with-predictable-crypto-regs\/<\/a><\/br>
\nLondon lures a16z\u2019s first international office with \u2018predictable\u2019 crypto regs<\/br>
\n2023-06-12 21:47:25<\/br><\/p>\n

\n

US VC giant Andreessen Horowitz \u2014 which has about $35bn in assets under management \u2014 is to open its first (yes, the first) international office in London, led by one of the firm\u2019s general partners, Sriram Krishnan. The office will focus on supporting the development of crypto, blockchain technologies and associated Web3 startups. a16z has committed $7.6bn to crypto startups globally.<\/p>\n

Chris Dixon, who leads a16z\u2019s crypto investments, said: \u201cLondon is a major financial hub, it\u2019s a major tech hub and frankly it\u2019s a very attractive place for people to live. You just need to get it to a critical mass to really get it going and we\u2019re hoping that we can become a part of that and nudge [London] into being a more active hub of technology.\u201d<\/p>\n

His comments may come as a slight surprise to the numerous VCs and unicorns that have exploded from the city in the last 15 or so years. That said, he said the decision came after a \u201cproductive dialogue\u201d with the U.K. prime minister, HM Treasury, U.K. policymakers, and the Financial Conduct Authority.<\/p>\n

The move comes at a time when the SEC has been cracking down on the crypto industry, suing cryptocurrency exchanges Coinbase and Binance for allegedly breaching its rules. London\u2019s long history in the finance world, large FinTech centre and softer regulatory approach to crypto has almost certainly played into a16z\u2019s thinking on this strategic move.<\/p>\n

Dixon said the UK\u2019s \u201cthoughtful approach\u201d to crypto contrasted with the legal uncertainty in the US, although the firm re-affirmed its commitments to US crypto companies. \u201cOur assessment is the UK is ahead of the curve and instituting [crypto] policies that will eventually becoming a global standard,\u201d he added.<\/p>\n

The UK government has already made noises about create a more hospitable climate for Web3 compared to the US, keen as it is to re-establish London as a fintech centre after the loss of so much EU-based finance business.<\/p>\n

London has lost public listings, blocked mergers, and been criticised<\/a> by exiting entrepreneurs such as Monzo founder Tom Blomfield, while the appeal of rival European capitals, such as Paris, has grown. According to VC firm Atomico, the UK has also suffered a 57 per cent drop in tech investment this year, the sharpest decline among big European markets, compared with the first half of 2022.<\/p>\n

However, the UK appears to be on a mission to attract crypto businesses, developing a regulatory framework for digital assets trading that falls closer to standards for securities such as stocks and bonds than in the US.<\/p>\n

Rishi Sunak, UK prime minister, said in a statement that he was \u201cthrilled\u201d at Andreessen Horowitz\u2019s arrival, which he said was \u201ctestament to our world-class universities and talent and our strong competitive business environment\u201d. Sunak added that a16z\u2019s expansion was down to having the \u201cright regulation and guardrails\u201d to \u201cfoster innovation.\u201d<\/p>\n

Andreessen Horowitz is however, quite late to the European party, coming over a year after Sequoia set up its London office, among other US firms.<\/p>\n

In addition to the new office, a16z has also announced its plan to launch a new \u201cCrypto Startup School\u201d (CSS) program in London in the spring (March to June) of 2024.<\/p>\n

In a speech to open London Tech Week, Sunak also added that he wanted the UK to be the \u201cgeographical home of global AI safety regulation.\u201d He plans to establish a global AI watchdog in London.<\/p>\n

Separately, Gensyn, a provider of blockchain-based computing resources for AI secured a $43 million, Series A funding round, led by a16z.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:
https:\/\/techcrunch.com\/2023\/06\/12\/london-lures-a16zs-first-international-office-with-predictable-crypto-regs\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/12\/london-lures-a16zs-first-international-office-with-predictable-crypto-regs\/ London lures a16z\u2019s first international office with \u2018predictable\u2019 crypto regs 2023-06-12 21:47:25 US VC giant Andreessen Horowitz \u2014 which has about $35bn in assets under management \u2014 is to open its first (yes, the first) international office in London, led by one of the firm\u2019s general partners, Sriram Krishnan. 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