Andreessen Horowitz is to close its London office barely a year after launching it as a blockchain and cryptocurrency hub.
The Silicon Valley investor also known as a16z has pulled back from the hub it launched in 2023 to focus on the US market following the election of Donald Trump, seen as a crypto-friendly President.
In 2023 the venture capital giant announced plans to open its first international office in London and work closely with universities throughout the UK to help provide talent and support to develop blockchain ‘clubs’.
“The UK has deep pools of talent, world-leading academic institutions, and a strong entrepreneurial culture,” said a16z crypto founder and managing partner Chris Dixon at the time against a backdrop of American regulators cracking down on digital assets.
Anthony Albanese, a managing director at the group, wrote on X: “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.
iplicit aims for unicorn status after first institutional funding
“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.
“This doesn’t change our confidence in the UK’s growing role in crypto and blockchain. We will continue to invest in great entrepreneurs no matter where they are in the world, including the UK. We also remain ready to help the UK with its ongoing crypto efforts.”
The Financial Times reported that founders Marc Andreessen and Ben Horowitz are supporters of Trump and advise him on technology policy, while general partner Sriram Krishnan, who led the UK operation, left last year to join the Trump administration.