A16z Crypto Expands Into Asia With Seoul Office Launch

Andreessen Horowitz (A16z) has established its first Asian office in Seoul, South Korea, marking a significant expansion into a region experiencing increased on-chain activity and user adoption in cryptocurrency. This new hub aims to support portfolio companies and foster local partnerships and communities.

A16z Crypto has launched its first office in Asia, located in Seoul, South Korea, under the leadership of SungMo Park, a former executive at Polygon Labs. This strategic move highlights the firm's commitment to tapping into the region's significant cryptocurrency adoption and market potential.

A recent survey by Sygnum revealed that 60% of Asia's high-net-worth individuals (HNWIs) plan to increase their cryptocurrency investments, with 87% already having exposure to crypto assets, averaging a 17% allocation in their portfolios. This trend indicates a growing acceptance of digital currencies among affluent investors in the region.

A16z Crypto, the cryptocurrency venture capital arm of Andreessen Horowitz, is set to open a new office in Seoul, appointing Sungmo Park to spearhead its efforts in Asia. This move comes in response to the high levels of cryptocurrency ownership in South Korea and Singapore, alongside increasing on-chain activity in Japan.

The DayFi protocol, backed by A16z, has been launched by Daylight to integrate electricity markets into blockchain technology, transforming electricity cash flows into a crypto-native yield product aimed at financing new solar power installations.

South Korea's cryptocurrency committee is experiencing a slowdown in progress due to the introduction of strict liability rules, which have led to a cautious approach among stakeholders in the crypto market, as reported by Kookmin Ilbo.