Andreessen Horowitz closes his London office as he retreats from investing in cryptocurrencies in the UK
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Andreessen Horowitz is closing its London office and pulling out of its much-touted expansion into the UK, as the Silicon Valley investor seeks to refocus on the US cryptocurrency industry following the election of Donald Trump.
The group made a high-profile entry into the British capital in 2023, opening its first office outside the US with a focus on the UK cryptocurrency industry amid a crackdown on digital assets by US regulators.
The Financial Times reported on Friday that the venture capital firm had signaled to local entrepreneurs and policymakers that it would reduce the time and money it intends to invest in the country.
Shortly after, Anthony Albanese, the group’s managing director who helps lead its cryptocurrency investments, announced that the company would close its UK offices completely.
“We are excited by the enthusiasm for building and adopting cryptocurrencies in the UK, and are encouraged by recent positive policy announcements and actions. However, we have chosen to focus on the US given the strong political momentum of the new administration, and will therefore be closing our UK office.
“This does not change our confidence in the UK’s growing role in the cryptocurrency and blockchain space. We will continue to invest in great entrepreneurs no matter where they are in the world, including the UK. We are also ready to assist the UK in its continued efforts in the cryptocurrency space.” “
The partner originally tapped to lead the UK effort, Sriram Krishnan, stepped away from his position in London last year before leaving the firm entirely to join the Trump administration in recent weeks.
Marc Andreessen and Ben Horowitz, the company’s founders, became Trump supporters while advising him on technology policy.
The switch comes as Trump signed an executive order on Thursday aimed at promoting cryptocurrencies in the United States and working to develop a national stockpile of digital assets.
Prices of digital currencies such as Bitcoin have risen since Trump’s election, under the belief that the new administration will call for minimal regulation of the cryptocurrency sector.
Andreessen Horowitz opened its London office to official fanfare two years ago, with then-Prime Minister Rishi Sunak saying he was “delighted” with the group’s arrival, and that the move was “testament to our universities, our world-class talent and our strong competitiveness”. Business environment.
At the time, Andreessen Horowitz, who has $43 billion of committed capital, has done most of his efforts in the UK, having invested in a number of UK cryptocurrency companies including Arweave, Aztec, and Improbable.
“London is a major financial centre, it’s a major technology hub and frankly it’s a very attractive place for people to live,” Chris Dixon, who leads Andreessen Horowitz’s crypto investments, told the Financial Times in 2023.
One UK official downplayed the decline in American investors’ ambitions in the country, saying: “They were never really here at all.”
