a16z opens Seoul office to back crypto-first expansion in South Korea and Asia - CHOSUNBIZ - Chosunbiz

Andreessen Horowitz's crypto division has announced its expansion into Asia through the opening of its first regional office in Seoul, South Korea, marking a significant strategic repositioning toward the world's dominant cryptocurrency market. The venture capital firm designated Sungmo Park as Head of APAC Go-to-Market to lead the Seoul office and build the firm's regional presence. Park brings substantive experience from the crypto and enterprise sectors, having served most recently as APAC Lead at the Monad Foundation, where he developed go-to-market and ecosystem strategies across East Asia, Greater China, Southeast Asia, and India. Prior to that role, he held the position of Head of APAC Business Development at Polygon Labs, focusing on enterprise partnerships and emerging crypto project collaborations. Park's multilingual capabilities—Korean, Japanese, Chinese, and English—position him to navigate complex regional business environments and stakeholder relationships.

The decision to establish an Asian foothold reflects a fundamental shift in global cryptocurrency adoption patterns. According to a16z crypto's latest State of Crypto report, onchain users show concentrated activity in Asia, with South Korea standing as the world's second-largest cryptocurrency market. The firm highlighted that nearly one in three South Korean adults own cryptocurrency, a penetration rate that exceeds stock market participation in the country. This adoption depth demonstrates substantial institutional and retail demand that justifies direct regional investment. Beyond South Korea, Asia's broader crypto ecosystem has demonstrated exceptional growth momentum: Japan experienced 120% year-over-year onchain activity expansion, Singapore maintains among the world's highest crypto ownership rates with 40% penetration among Gen Z and Millennials, and India ranks first globally in the Chainalysis Global Crypto Adoption Index. Notably, 11 of the top 20 countries in global crypto adoption are positioned in Asia.

The Seoul office will provide operational infrastructure for a16z's portfolio companies seeking to accelerate growth, establish strategic partnerships, and build community foundations across the Asian market. Park will maintain close collaboration with portfolio company founders while leveraging his established corporate network to enhance market connectivity and drive crypto adoption across the continent. This expansion represents the venture firm's recognition that Asia has become central to cryptocurrency market development and that direct regional presence—rather than remote support—has become operationally necessary for competitive positioning in this high-growth ecosystem.