A16z Crypto, the cryptocurrency arm of venture giant Andreessen Horowitz, is making a major move into Asia with the launch of its first office in Seoul. This strategic expansion puts the firm right at the heart of a region that accounts for nearly one-third of global crypto adoption. Leading the South Korean operations is SungMo Park, a former executive at Polygon Labs.
Why Asia?
Asia isn’t just a market, it’s a crypto powerhouse. From strong on-chain activity to high ownership rates, the continent is a hub for digital asset growth:
- South Korea: Nearly a third of adults own crypto.
- India: Currently tops global adoption rankings.
- Japan: On-chain activity surged 120% in the past year.
- Singapore: Among the highest crypto ownership rates globally.
In total, 11 of the top 20 countries for crypto adoption are in Asia, making it a critical region for any firm serious about the sector.
A16z’s Game Plan
Anthony Albanese, managing partner and COO at a16z Crypto, said the Seoul office will provide go-to-market support for portfolio companies, helping them with growth, partnerships, and community building across the region. Instead of just deploying capital from afar, the firm aims to be embedded where users and builders are concentrated, offering on-ground expertise to scale operations effectively.
SungMo Park brings deep regional knowledge and networks from Polygon Labs, giving portfolio companies access to local insights, contacts, and operational guidance, all crucial for navigating Asia’s unique crypto landscape.
Strong Market Signals
The expansion comes at a time when Asian investors are bullish on crypto:
- 6 in 10 high-net-worth individuals plan to increase allocations.
- 87% of affluent Asian investors already hold crypto.
- About half maintain allocations exceeding 10% of their portfolios.
This demonstrates strong long-term confidence in the region, reinforcing why a16z sees Asia as a key growth frontier.
Looking Ahead
The Seoul office is just the start. Albanese confirmed that a16z Crypto plans to expand its Asian footprint further, adding capabilities to support portfolio companies as they scale across multiple countries. The message is clear: for a16z, Asia isn’t just a market, it’s the future of crypto growth.
