Silicon Valley venture capital firm a16z announced that it will establish its first office in Asia in Seoul. According to a16z's report, South Korea is the second-largest cryptocurrency market in the world, with one-third of South Korean adults holding cryptocurrencies, outnumbering stock investors. It will start from Seoul to build partnerships in the Asia-Pacific, strengthen channels, and promote local community growth, further expanding its business into Greater China, Southeast Asia, India, and other emerging markets.
a16z: South Korea is the second-largest cryptocurrency market in the world
a16z Crypto Chief Operating Officer Anthony Albanese announced that a16z Crypto will establish its first office in Asia. a16z Crypto stated that South Korea is the second-largest cryptocurrency market in the world. The office in Seoul aims to build partnerships, strengthen channels, and promote local community growth to support entrepreneurs.
Why not the Asian financial centers of Hong Kong, Singapore, or Japan? a16z Crypto explains that South Korea and Singapore have higher cryptocurrency ownership rates, with Singapore ranking among the top globally at about 40% of Generation Z and millennials owning cryptocurrencies. Over the past year, on-chain activity in Japan has increased by 120%. However, South Korea has one of the most active on-chain communities in the world. a16z Crypto points out that one-third of South Korean adults own cryptocurrencies, with more owners than stock investors.
a16z Crypto Asia-Pacific head Sungmo previously served as the head of Monad Asia-Pacific.
a16z Crypto's Asia office has invited former Monad Foundation Asia-Pacific head Sungmo Park to serve as the head of market expansion in the Asia-Pacific region, overseeing the Seoul office and working on establishing a foothold in the Asia-Pacific. Prior to Monad Foundation, he served as the head of business development for the Asia-Pacific region at Polygon Labs, leading corporate partnerships and collaborations with crypto startups. He is proficient in four languages: Korean, Japanese, Chinese, and English.
The external evaluation of Sungmo Park is mixed; an industry insider noted that he did not have many achievements during his time at Monad, but others believe he is one of the few talents who can thrive in the Chinese, Korean, and English-speaking communities.
This article announces a16z Crypto's entry into Asia! The first office is located in Seoul, with former Monad Asia head Sungmo serving as the director. It first appeared in Chain News ABMedia.
