a16z Crypto establishes its first office in South Korea

According to Bloomberg, venture capital firm a16z Crypto will open an office in Seoul, South Korea, joining the growing number of digital asset companies expanding into Asia.

a16z Crypto's Chief Operating Officer Anthony Albanese stated that the region "now accounts for a significant share of global cryptocurrency activity. In the coming years, we plan to expand our business presence in Asia, enhance new capabilities to support cryptocurrency companies operating locally, and continue to explore new ways to expand our geographic footprint." Albanese noted that South Korea is the second-largest cryptocurrency market, with nearly one-third of South Korean adults holding cryptocurrency. The company has appointed Sungmo Park to lead its operations in the Asia-Pacific region. Park was previously the head of the Asia-Pacific region for the Monad Foundation, which operates its own blockchain.