Venture capital giant Andreessen Horowitz (a16z) is winding down its investments in the UK crypto sector and refocusing on the US market. The move comes in response to a shift in priorities following the re-election of Donald Trump, who has declared his support for cryptocurrencies – a position that is also close to the company’s co-founders Marc Andreessen and Ben Horowitz.
Interestingly, Sriram Krishnan, the head of a16z's UK operations, left the position last year and now works in the Donald Trump administration.
Venture capital giant a16z opened its London office in 2023, with the approval of then-Prime Minister Rishi Sunak. Sunak called the company’s arrival evidence that the UK has world-class universities and talent, as well as a strong competitive business environment. Chris Dixon, who heads up a16z’s crypto investment team, called London a major financial hub and a very attractive place to live.
Andreessen Horowitz’s presence in the UK has had a significant impact on the country’s crypto sector. The investment firm has backed several prominent UK crypto projects: DEX data storage protocol Arweave, privacy-focused blockchain protocol Aztec, and blockchain gaming developer Improbable.
While a16z has no plans to close its London office entirely, its operations will be limited to occasional visits from US partners.