A16z Crypto announces expansion into Asia! The first office is located in Seoul, with former Monad Asia-Pacific head Sungmo serving as the manager.

Silicon Valley Venture Capital a16z announces the establishment of its first office in Asia in Seoul. A report from a16z states that South Korea is the second-largest cryptocurrency market in the world, with one-third of South Korean adults holding cryptocurrencies, and the number of holders exceeding stock investors. Starting from Seoul, the company aims to build Asia-Pacific partnerships, strengthen channels, and promote local community growth, further expanding its business into emerging markets such as Greater China, Southeast Asia, and India.

a16z: South Korea is the second-largest crypto market globally

a16z Crypto COO Anthony Albanese announced that a16z Crypto will establish its first office in Asia. a16z Crypto states that South Korea is the second-largest cryptocurrency market in the world. The Seoul office aims to build partnerships, strengthen channels, and promote local community growth to support entrepreneurs.

Why not Hong Kong, Singapore, or Japan, the Asian financial centers? a16z Crypto explains that South Korea and Singapore have higher cryptocurrency holding rates. Singapore ranks among the top globally, with about 40% of Generation Z and Millennials holding cryptocurrencies. Over the past year, Japan’s on-chain activity has increased by 120%. However, South Korea has one of the most active on-chain communities worldwide. a16z Crypto points out that one-third of South Korean adults hold cryptocurrencies, with the number of holders surpassing stock investors.

a16z Crypto Asia Pacific Head Sungmo previously served as Monad Foundation’s APAC Director

a16z Crypto’s Asia office has recruited former Monad Foundation APAC Head Sungmo Park as the Head of Market Expansion for Asia-Pacific, responsible for the Seoul office and establishing a foothold in the region. Prior to Monad Foundation, he was the APAC Business Development Lead at Polygon Labs, leading enterprise collaborations and partnerships with crypto startups. Fluent in Korean, Japanese, Chinese, and English.

Public opinion on Sungmo Park is mixed. One industry insider commented that he did not have many achievements during his time at Monad, but others believe he is one of the few talents who can operate well in Chinese, Korean, and English circles.

This article about a16z Crypto announcing its entry into Asia! The first office is located in Seoul, with former Monad APAC Head Sungmo serving as the manager. Originally published in Chain News ABMedia.