Andreessen Horowitz’s crypto venture capital arm, a16z Crypto, has opened its first Asia-based office in Seoul, South Korea, signalling its focus on the region’s dominance in global crypto adoption.
Rationale for Asian Expansion
The firm stated that there is a “particularly strong concentration” of onchain users in Asia. The expansion aims to support a16z’s portfolio companies by accelerating growth, forging strategic partnerships, and building lasting communities across the continent.
Anthony Albanese, a16z Crypto managing partner and chief operating officer, noted that the region represents a significant share of global cryptocurrency activity. Supporting this claim with data from Chainalysis:
- Nearly a third of South Korean adults own digital assets.
- India leads global adoption rankings.
- Japan has seen onchain activity grow 120% in the past year.
- Singapore boasts one of the world’s highest rates of crypto ownership.
- Eleven out of the top 20 countries for crypto adoption are Asian.
Leadership and Future Plans
The new Seoul office will be led by SungMo Park, a former executive at Polygon Labs.
Park stated that he will leverage his network, experience, and relationships to help a16z Crypto’s founders access not just a new market, but also the regional context and knowledge necessary for scaling.
Albanese added that this is “just the beginning”. He stated that over the coming years, a16z plans to grow its presence in Asia, add new capabilities, and continue exploring ways to expand its geographic footprint. The move underscores the firm’s belief that future growth lies where the users and builders are, moving beyond mere capital deployment.
Affluent Asian Investors
The move aligns with recent market data. Sygnum reported this week that 87% of affluent Asian investors already hold crypto. The survey also found that six out of ten surveyed high-net-worth individuals in Asia are prepared to increase their crypto allocations based on a strong long-term outlook. Around half of these wealthy Asian investors already have an allocation of more than 10%.
