Strategic Expansion into a Key Crypto Market
Andreessen Horowitz has launched its first Asian office in Seoul, marking a strategic expansion into a region that accounts for nearly one-third of global crypto adoption. The venture capital firm appointed former Polygon Labs executive SungMo Park to lead the South Korean operations.
The move reflects Asia's dominant position in on-chain activity, with the firm citing a particularly strong concentration of digital asset users across the continent. Anthony Albanese, managing partner and chief operating officer at a16zCrypto, stated the expansion will provide go-to-market support for portfolio companies seeking growth opportunities, strategic partnerships, and community building throughout the region.
South Korea's Significant Role in Crypto Adoption
South Korea presents compelling demographics for crypto investment, with nearly a third of adults in the country owning digital assets. The firm identified this as a significant share of global crypto activity that warrants direct presence.
Asia's Dominance in Global Crypto Activity
India currently leads global adoption rankings while Japan experienced 120% growth in on-chain activity over the past year. Singapore maintains one of the world's highest rates of crypto ownership, according to data from Chainalysis. Eleven of the top 20 countries for crypto adoption are located in Asia.
Future Growth and Regional Support
The expansion signals where one of the industry's largest investors sees future growth potential. Albanese emphasized this marks just the beginning, with plans to grow the firm's Asian presence over coming years and add new capabilities to support crypto companies operating in the region. The firm will continue exploring ways to expand its geographic footprint.
Park brings experience from Polygon Labs to his new role. He stated his network, experience, and relationships built over years in the industry will help a16z Crypto’s founders access not only a new market, but also the regional context and knowledge necessary to scale operations effectively.
High-Net-Worth Investors Increasing Crypto Allocations
Sygnum reported this week that six in 10 surveyed Asian high-net-worth individuals plan to increase their crypto allocations based on strong long-term outlook. The survey revealed 87% of affluent Asian investors already hold crypto, with approximately half maintaining allocations exceeding 10%.
Strategic Approach to Market Engagement
The Seoul office positions a16z to be embedded where users and builders are concentrated, rather than simply deploying capital from a distance. The firm's strategy focuses on supporting portfolio companies with on-ground expertise as they navigate Asian markets and build lasting communities across multiple countries in the region.