a16z Crypto to open first Asian office in Seoul… appoints Seongmo Park as head

YM Lee

Summary

a16z Crypto said it will establish its first Asian office in Seoul as it expands into the Asian market.
It said South Korea's high on-chain activity, the share of crypto holdings, and the development ecosystem played an important role in shaping its regional strategy.
Seongmo Park, as head, plans to lead Asia operations and focus on partnership building, business expansion, and supporting community growth.

a16z Crypto, the crypto asset (cryptocurrency) investment arm of U.S. venture capital firm Andreessen Horowitz (a16z), will establish its first regional office in Seoul to expand in the Asian market. The company cited South Korea's high on-chain activity and development ecosystem as key factors and appointed leader Seongmo Park as head of Asia.

According to CoinDesk on the 11th (local time), a16z Crypto said it plans to collaborate with Asian founders from its Seoul office and strengthen partnership building, business expansion, and support for community growth. The company explained that the high share of crypto holdings in Korea and Singapore and the increase in on-chain activity in Japan influenced the formulation of its regional strategy.

The report said South Korea is considered the world's second-largest crypto market. a16z Crypto reportedly judged that while Hong Kong and Singapore have served as traditional financial hubs, Seoul was suitable as an Asian base when considering "where actual development happens." The company said Korea is a country with large exchange trading volumes, such as Upbit, and high on-chain participation, and that about one-third of the adult population holds crypto assets.

The newly appointed Asia head, leader Seongmo Park, previously served as APAC lead at Monad Foundation and has experience at Polygon Labs building ecosystems and handling business strategy for East Asia, mainland China, Southeast Asia, and the Indian market. a16z Crypto said Park will play a role not only with early-stage startups but also in cooperation with large companies.