Enterprise capital (VC) large 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 growth as a major dedication to the UK’s crypto business.
Nevertheless, two sources with data of the agency’s discussions revealed that a16z has not too long ago signaled to UK entrepreneurs and policymakers that it plans to scale back the time and assets allotted to its British operations.
The pivot comes because the Trump administration takes a crypto-friendly stance. On Jan. 23, the president signed an govt order to advertise digital property within the US and discover growing a nationwide digital asset stockpile.
Sriram Krishnan, initially appointed to guide a16z’s UK operations, stepped again from his London-based position final 12 months 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 know-how 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 setting.”
The agency has invested in a number of UK-based crypto corporations, 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 engaging place for individuals to dwell” in the course of the agency’s preliminary UK growth.
Nevertheless, latest conversations with native entrepreneurs recommend that the agency is more and more lowering its London presence to occasional visits from US-based companions.
Andreessen Horowitz has $43 billion in dedicated capital. In keeping with knowledge from DefiLlama, the VC fund has practically 200 offers associated to crypto corporations, with a choice for groups constructing infrastructure tasks.
