A16z crypto, the venture capital arm of Andreessen Horowitz (a16z), has announced its expansion into Asia, establishing an office in Seoul and appointing Sungmo Park to lead operations in the region.
According to a blog post from the Andreessen Horowitz unit, South Korea ranks as the second-largest crypto market globally. The new office aims to collaborate with founders, forge partnerships, enhance distribution networks, and boost community development throughout the region. Notably, South Korea and Singapore exhibit high crypto ownership levels, alongside increasing on-chain activities in Japan.
While Hong Kong and Singapore have historically been Asia’s financial hubs, South Korea is emerging as a focal point for crypto innovation. For a16z crypto, the decision to select Seoul as its Asia base was likely influenced by the desire to be close to the active development community rather than just the financial institutions.
South Korea boasts one of the world’s most dynamic on-chain communities, with crypto exchanges like Upbit recognized as leaders in trading volume. The nation also has a robust developer ecosystem that is innovative, durable, and product-centric. Nearly one-third of South Korean adults are reported to own cryptocurrencies, according to the fund.
Park, previously the APAC lead at Monad Foundation, will engage with both early-stage projects and established companies, leveraging his extensive experience from Monad Foundation and Polygon Labs, where he spearheaded market entry strategies and ecosystem growth in East Asia, Greater China, Southeast Asia, and India.
UPDATE (Dec. 10, 20:10 UTC): Typos have been corrected.
