Andreessen Horowitz, one of the biggest VC firms in the world, is set to close its UK office less than two years after announcing it would set up shop in London.
On Friday, the Financial Times reported the VC firm was pulling back from the UK to focus on the US crypto market in the wake of Donald Trump’s election. On Thursday, the newly inaugurated president signed an executive order designed to “strengthen American leadership” in cryptocurrencies.
“We’re excited by the enthusiasm for crypto building and adoption in the UK and are encouraged by the recent positive policy announcements and actions,” Anthony Albanese, chief operating officer of the company’s crypto division, wrote in a post on X on Friday.
“However, we have chosen to focus on the US given the new administration’s strong policy momentum and will therefore be closing our UK office.”
a16z announced it would open a London office in June 2023 with much fanfare. The VC firm’s lead in the region Sriram Krishnan told Sifted last year a16z was “all-in on the UK”, hosting the first overseas edition of its crypto accelerator in London shortly after.
Last year, a16z announced Krishnan would step away from his role as UK lead. He’s since left the VC firm altogether to join the Trump administration as an advisor on artificial intelligence.
The move comes amid a wider sea change in the European crypto industry after the election of the crypto-friendly Trump. Earlier this week, Sifted reported that Europe’s crypto startups were seeking to deepen their ties to the US following Trump’s inauguration.
Read the orginal article: https://sifted.eu/articles/andreessen-closes-london-office-news/
