a16z cuts UK crypto plans as it shifts focus to Trump-era US opportunities

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Key Takeaways

Andreessen Horowitz is scaling again UK crypto operations to refocus on US opportunities.
Bitcoin costs have surged post-election as Trump’s govt order indicators potential lighter rules for crypto.

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Andreessen Horowitz (a16z), considered one of Silicon Valley’s main enterprise capital companies, is shifting its crypto focus again to the US, cutting down its ambitions within the UK, in accordance to a report from the Financial Times.

The choice comes after Donald Trump’s re-election and his administration’s govt order aimed toward selling crypto belongings and exploring a nationwide digital asset stockpile.

The enterprise capital agency, which opened its first worldwide workplace in London in 2023, plans to cut back each investments and operations within the UK, in accordance to two individuals aware of the discussions.

The shift comes as a16z’s founders Marc Andreessen and Ben Horowitz have emerged as Trump supporters and coverage advisors. Sriram Krishnan, who beforehand led the agency’s London initiative, stepped down final 12 months to be a part of the Trump administration.

Andreessen Horowitz’s pivot displays its renewed focus on US crypto opportunities, the place Trump’s govt order has fueled optimism for lighter rules.

Bitcoin costs have surged following the election, pushed by expectations that the administration will promote a good setting for the digital asset sector.

On Inauguration Day, Bitcoin reached a brand new all-time excessive, surpassing $109,000, additional reflecting optimism round the way forward for crypto beneath Trump’s management.

While a16z maintains its capability to pursue UK offers by means of US-based companions, one UK official instructed the Financial Times the agency’s native presence was “never really here,” with decision-making remaining centralized within the US.

The Silicon Valley agency, which manages $43 billion in dedicated capital, had beforehand backed UK-based crypto initiatives together with Arweave, Aztec, and Improbable.

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