A16z crypto launches South Korea office; ex-Monad APAC lead to head expansion

A16z crypto, the crypto-focused wing of Andreessen Horowitz, announced today that it is setting up its first office in Seoul, South Korea as part of its expansion into Asia.

In an emailed press release, a16z said it saw a strong concentration of onchain users in Asia, with booming retail crypto usage across South Korea, Japan, Singapore, and India. The release highlighted that South Korea has the world’s second-largest crypto market, with nearly one in three adults owning crypto.

“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 Anthony Albanese, managing partner and COO of a16z crypto.

With the expansion, a16z named Sungmo Park, who formerly was APAC lead at Monad and Polygon, to head the company’s efforts in the region. A16z stated that Park will work closely with companies and founders to bolster market connectivity and promote crypto adoption throughout the APAC region.

“A16z crypto backs exceptional founders, providing not just capital but also hands-on support to help them grow into transformative companies,” Park wrote in a post on X. “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 (and vice versa).”

The crypto venture capital fund backs dozens of blockchain startups, including Aptos, Dapper Labs, EigenLayer, and Yuga Labs. It has raised over $7.6 billion across four funds, according to its website.