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Andreessen Horowitz's crypto division has opened its first Asia office in Seoul, appointing SungMo Park as head of APAC go-to-market to lead regional expansion.
The office will provide operating support for a16z crypto portfolio companies seeking to scale across Asian markets, the firm's COO Anthony Albanese announced Wednesday. Park will work with founders on regional strategy, partnerships and community building throughout the continent.
Park joins from Monad Foundation, where he served as APAC lead developing go-to-market and ecosystem strategies across East Asia, Greater China, Southeast Asia and India. He previously led APAC business development at Polygon Labs, focusing on enterprise partnerships and emerging crypto projects.
The Seoul office represents a16z crypto's first physical presence in Asia as the firm expands support infrastructure for portfolio companies operating in the region. The firm said it plans to add capabilities and explore further geographic expansion over coming years.
Maggie Hsu, partner and head of go-to-market at a16z crypto, said in a LinkedIn post that Asia remains a key growth market for the firm's portfolio companies. The Seoul office marks the beginning of planned expansion across the region in coming years.
The move follows data from a16z crypto's State of Crypto report showing significant onchain activity concentration in Asia. South Korea represents the second-largest crypto market globally, with nearly one in three adults owning cryptocurrency, surpassing stock ownership rates.
Singapore has among the world's highest crypto ownership rates, with 40% of Gen Z and millennials holding digital assets. Japan has seen onchain activity grow 120% over the past year, while India ranked first in Chainalysis's Global Crypto Adoption Index, with 11 of the top 20 countries located in Asia, according to the firm.
