A16z crypto, a venture capital fund from Andreessen Horowitz (a16z), said it is expanding into Asia, opening an office in Seoul and hiring Sungmo Park to lead operations in the region.
South Korea is the world’s second-largest crypto market, the Andreessen Horowitz unit said in a blog post. The office will work with founders by creating partnerships, strengthening distribution channels and accelerating community growth across the region, he said, pointing to high levels of cryptocurrency ownership in South Korea and Singapore, and growing on-chain activity in Japan.
While Hong Kong and Singapore have long been the financial capitals of Asia, South Korea is a center for cryptocurrency development. For a16z cryptocurrency, being close to where things are actually being built, not just banked or regulated, was probably a key factor in choosing Seoul as its hub in Asia.
South Korea is home to one of the most active on-chain communities in the world, with crypto exchanges like Upbit known as volume powerhouses, and its developer ecosystem is deep, resilient, and product-focused. Nearly a third of South Korean adults own cryptocurrencies, the fund said.
Park, a former APAC leader at the Monad Foundation, will work with both early-stage teams and established companies, leveraging his experience at the Monad Foundation and Polygon Labs, where he led commercialization efforts and ecosystem development in East Asia, Greater China, Southeast Asia and India.
UPDATE (December 10, 20:10 UTC): Corrects typographical errors.
