A16z crypto opens office in South Korea as it bets on Asia

Crypto venture capital firm Andreessen Horowitz (a16z) is opening its first Asia-based office in South Korea with plans to expand its portfolio in the region.

The firm stated that there was a “particularly strong concentration” of onchain users in Asia, and the expansion aims to support portfolio companies with growth, partnerships, and community building across Asia.

“Our expansion will offer go-to-market support for portfolio companies seeking to accelerate growth, forge strategic partnerships, and build lasting communities across Asia,” said a16z Crypto managing partner and chief operating officer Anthony Albanese.

Albanese stated that the region represents a significant share of global cryptocurrency activity, with nearly a third of South Korean adults owning digital assets. 

India also leads global adoption rankings, Japan has seen onchain activity grow 120% in the past year, Singapore has one of the world’s highest rates of crypto ownership, and 11 of the top 20 countries for crypto adoption are Asian, according to Chainalysis. 

A16z to expand further into Asia

“This is just the beginning,” said Albanese. “Over the coming years, we plan to grow our presence in Asia, add new capabilities to support our crypto companies operating there, and keep exploring new ways to expand our geographic footprint,” he added. 

The move signals where one of the industry’s largest investors sees future growth; it is not just about capital deployment, but being embedded where the users and builders are.

Asian region has strong crypto adoption 

The new Seoul office is being led by SungMo Park, who brings experience from Polygon Labs. 

“Through the network, experience, and relationships I’ve built over the years in this industry, I’ll help a16z Crypto’s founders access not just a new market, but the regional context and knowledge they need to scale,” said Park on X. 

This week, Sygnum reported that six in 10 surveyed Asian high-net-worth individuals were prepared to increase their crypto allocations based on a strong long-term outlook.

The survey also revealed that 87% of affluent Asian investors already hold crypto, and around half have an allocation of more than 10%.