The cryptocurrency venture capital firm Andreessen Horowitz (a16z) is opening its first Asian office in South Korea and plans to expand its investment portfolio in the region.

The company stated that the concentration of on-chain users in Asia is "particularly high," and this expansion aims to support the growth, collaboration, and community building of its portfolio companies across Asia.

"Our expansion will provide market entry support for our portfolio companies seeking to accelerate growth, forge strategic partnerships, and establish lasting communities throughout Asia," said Anthony Albanese, managing partner and COO of a16z Crypto.

Albanese noted that the region accounts for a significant share of global crypto activity, with nearly one-third of the adult population in South Korea holding digital assets.

According to Chainalysis, India is also leading in global adoption rankings, Japan saw a 120% increase in on-chain activity over the past year, and Singapore has one of the highest crypto ownership rates in the world, with 11 of the top 20 countries for global crypto adoption located in Asia.

"This is just the beginning," Albanese stated. He added, "In the coming years, we plan to expand our presence in Asia, adding capabilities to support our crypto companies operating locally and continuously exploring new ways to extend our geographical footprint."

This move signals that one of the industry's largest investors sees the future of growth not just in capital deployment, but in rooting itself where users and builders are located.

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

Park stated on X, "With the network, experience, and connections I have built over the years in this industry, I will help the founders of a16z Crypto not only enter a new market but also gain the regional context and knowledge they need to scale."

This week, Sygnum reported that based on strong confidence in long-term prospects, six out of ten surveyed high-net-worth individuals in Asia are prepared to increase their crypto allocations.

The survey also revealed that 87% of wealthy investors in Asia already hold crypto, with about half having an allocation exceeding 10%.

Related: Malaysian Crown Prince launches Ringgit stablecoin and Zetrix digital asset vault

Original article: “A16z Crypto Opens Office in South Korea, Betting on the Asian Market”

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