• A16z Crypto expands into Asia with a new office in Seoul, South Korea.
• Sungmo Park, former APAC lead at Monad and Polygon, will lead the firm’s efforts to boost crypto adoption.
• A16z continues to back major blockchain startups, including Aptos and Yuga Labs.

Crypto venture capital firm a16z crypto announced the opening of its first office in Asia, based in Seoul, South Korea. This move is part of a broader strategy to increase its presence in the region. Sungmo Park, the former APAC lead at Monad and Polygon, will head the office.

Expansion into the Asian Crypto Market

A16z crypto aims to strengthen its position in Asia, which is home to a large number of onchain users. South Korea ranks as the world’s second-largest crypto market, with one in three adults owning crypto. In addition to South Korea, a16z sees major growth opportunities in Japan, Singapore, and India.

According to the firm, its new office will provide vital support to portfolio companies looking to expand in Asia. It will assist with growth strategies, forming key partnerships, and building communities. The team will also help portfolio companies understand the local market and adapt their strategies accordingly.

Anthony Albanese, managing partner and Chief Operation Officer of a16z crypto, stated, “Our expansion will offer go-to-market support for portfolio companies seeking to accelerate growth.” He noted the need of facilitating collaborations across Asia for sustained business growth.

Sungmo Park to Lead Regional Expansion

Sungmo Park, who previously led the APAC division at Monad and Polygon, will oversee a16z’s Asia operations. Park will work with crypto companies and founders across the region to enhance market engagement. He will also promote crypto adoption and build stronger networks within Asia’s crypto ecosystem.

Park’s extensive experience in Asia’s blockchain market is expected to be an asset in navigating regional complexities. In a post on X, Park mentioned his commitment to helping a16z’s portfolio companies thrive in Asia. “I’ll help a16z crypto’s founders access not just a new market, but the regional context and knowledge they need to scale,” he said.

This recruitment move is expected to help a16z crypto in the unveiling of the rising requirement for blockchain solutions in the Asian market. The headship of Park will be integral in accomplishing a16z’s objectives in Asia and setting the company up for a sustainable future.

A16z Crypto’s Growing Portfolio and Investments

The company continues to back internationally recognized blockchain startups such as Aptos, Dapper Labs, and Yuga Labs. The company has supported over $7.6 billion across four different funds with a sharp focus on new technologies in the blockchain sector. The new office is a major part of the company’s expansion, and it shows the company’s loyalty to the Asian market.

The national office of South Korea is anticipated to act as the center for companies functions throughout the APAC region. Moreover, the office will lend its support not only to the local startups but also to the regional ones that are creating the next generation of blockchain-powered innovations. A16z crypto’s local investment in the technology sector is a move to take advantage of the slowly rising interest in blockchain in Asia.