A16z crypto, a enterprise capital fund of Andreessen Horowitz (a16z), stated it’s increasing into Asia, opening an workplace Seoul and hiring Sungmo Park to go operations within the area.
South Korea is the world’s second-largest crypto market, the Andreessen Horowitz unit stated in a weblog publish. The workplace will work with founders by constructing partnerships, strengthening distribution channels, and accelerating group development throughout the area, it stated, pointing to excessive ranges of crypto possession in South Korea and Singapore, and rising onchain exercise in Japan.
Whereas Hong Kong and Singapore have lengthy been the monetary capitals of Asia, South Korea is a middle for crypto improvement. For a16z crypto, being near the place issues are literally being constructed, not simply banked or regulated, was doubtless a key think about selecting Seoul as its Asia hub.
South Korea hosts one of many world’s most energetic onchain communities, with crypto exchanges like Upbit referred to as powerhouses for quantity, and its developer ecosystem is deep, resilient, and product-focused. Virtually 1/3 of South Korean adults personal crypto, the fund stated.
Park, the previous APAC lead at Monad Basis, will work with each early-stage groups and established enterprises, drawing on his expertise at Monad Basis and Polygon Labs, the place he led go-to-market efforts and ecosystem improvement throughout East Asia, Better China, Southeast Asia and India.
UPDATE (Dec. 10, 20:10 UTC): Corrects typos.
