Venture investment firm Andreessen Howoritz is set to open its first overseas office in the U.K. later this year as regulators in the United States continue their crackdown on crypto.
In a blog post, a16z general partner Chris Dixon announced the expansion, noting the firm has "been working with policymakers and regulators across the globe, and during our discussions it has become clear that the U.K. government sees the promise of web3."
The announcement comes after the U.S. Securities and Exchange Commission’s lawsuits against Binance and Coinbase, which have dragged on token prices and forced market participants to look toward alternative jurisdictions.
Coinbase Chief Legal Officer Paul Grewal says the SEC’s actions against the firm — and crypto, broadly — are "hurting American competitiveness."
The UK as a hub for web3
U.K. Prime Minister Rishi Sunak is keen on providing regulatory clarity regarding how crypto businesses should register and operate in the U.K., as per a statement shared with The Block.
"We must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy," Rishi's office said.
"That's why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK," he added.