A16z crypto, a venture capital fund of Andreessen Horowitz (a16z), said it is expanding into Asia, opening an office Seoul and hiring Sungmo Park to head operations in the region.

South Korea is the world's second-largest crypto market, the Andreessen Horowitz unit said in a blog post. The office will work with founders by building partnerships, strengthening distribution channels, and accelerating community growth across the region, it said, pointing to high levels of crypto ownership in South Korea and Singapore, and growing onchain activity in Japan.

While Hong Kong and Singapore have long been the financial capitals of Asia, South Korea is a center for crypto development. For a16z crypto, being close to where things are actually being built, not just banked or regulated, was likely a key factor in picking Seoul as its Asia hub.

South Korea hosts one of the world’s most active onchain communities, with crypto exchanges like Upbit known as powerhouses for volume, and its developer ecosystem is deep, resilient, and product-focused. Almost 1/3 of South Korean adults own crypto, the fund said.

Park, the former APAC lead at Monad Foundation, will work with both early-stage teams and established enterprises, drawing on his experience at Monad Foundation and Polygon Labs, where he led go-to-market efforts and ecosystem development across East Asia, Greater China, Southeast Asia and India.

UPDATE (Dec. 10, 20:10 UTC): Corrects typos.