a16z Crypto Opens First Asia Office in Seoul, a $663B Trading Hub

Andreessen Horowitz’s crypto arm officially opened its first Asian office in Seoul on Monday, planting a US venture brand in what the firm calls the world’s second-largest market for digital assets. The new office, announced in December by a16z crypto, is run by SungMo Park, the firm’s first head of APAC go-to-market, and will support a16z’s crypto portfolio companies expanding across Korea and the rest of the continent.

The move lands a US-headquartered firm with the firepower of a $15 billion fundraise behind it inside a market where nearly one in three adults already owns digital assets. It also puts a16z crypto on the same deal-flow turf as the Asian crypto-native funds that have been building in Seoul, Singapore, and Hong Kong for years.

Why Seoul, Not Singapore or Hong Kong

Seoul was not the obvious default. Hong Kong and Singapore have spent years positioning themselves as the financial capitals of Asian crypto, and a16z crypto said in December that both were under active consideration. The firm picked South Korea because, in its own framing, the country’s retail and onchain footprint is now too large to address remotely. “South Korea is the second-largest crypto market with nearly one in three South Korean adults owning crypto (outpacing stock investors),” a16z crypto wrote in announcing the move. Japan has seen onchain activity grow 120% in the past year, and Singapore counts 40% crypto ownership among Gen Z and Millennials, per the same firm report.

India ranks first in Chainalysis’s Global Crypto Adoption Index, and 11 of the top 20 countries on the index are in Asia. The regional mix, a16z crypto argued, makes a Seoul base more useful than a Singapore or Hong Kong one for a firm whose portfolio companies are increasingly building in Korea and Japan. That pitch is built on a mix of consumer adoption data, exchange depth, and developer activity that a16z crypto laid out in its December post.

Kaiko’s year-to-date figures put real weight behind the ranking: crypto trading volume denominated in South Korean won stands at $663 billion so far this year, second only to the $832 billion in USD-denominated volume. Upbit alone captured 71.6% of domestic trading volume in the first half of 2025, with $2-4 billion in daily trades per industry trackers.

Seoul is also where the engineers are. South Korea hosts one of the world’s most active onchain communities, with the developer base CoinDesk called “deep, resilient, and product-focused.” That mix of retail capital, exchange infrastructure, and a working developer base is what a16z crypto says it is positioning to serve. a16z crypto called Seoul “just the beginning” of a wider Asia build-out.

Park Runs a16z Crypto’s Seoul Office

SungMo Park is a Seoul-based partner at a16z crypto and the firm’s first head of APAC go-to-market. He was previously APAC lead at the Monad Foundation, and before that head of APAC business development at Polygon Labs. Earlier in his career, he co-founded an NFT marketplace and spent time as a product planner on NAVER’s search ads team, per the a16z crypto team page for SungMo Park.

As head of APAC go-to-market, Park runs the Seoul office and serves as the regional bridge for portfolio companies looking to enter Korea, Japan, China, Southeast Asia, and India. The role is not a check-writing one. a16z crypto said the office will offer “go-to-market support for portfolio companies seeking to accelerate growth, forge strategic partnerships, and build lasting communities across Asia.” That is the same template the firm has used in the United States: a16z has built a reputation for opening doors for founders rather than leading rounds, and the Asia push extends that playbook. Park’s corporate network, built across Polygon and Monad, is the bridge a16z crypto said it was hiring him to build.

Park graduated from Seoul National University, where he studied international relations and entrepreneurship, and speaks Korean, Japanese, Chinese, and English. He is a partner at a16z crypto and the founding lead of the Seoul office, per the firm’s team page.

A Seoul Base for a16z Crypto’s Portfolio

a16z crypto described the Seoul office as a regional support hub for portfolio companies expanding into Asian markets. The firm said the office will work with portfolio founders on distribution, partnerships, and community, and help early-stage teams and established enterprises plug into Korean and broader Asian markets. “SungMo will work closely with the founders in our portfolio, and also in his corporate network, to strengthen market connectivity and accelerate crypto adoption across the continent,” a16z crypto wrote in December. That is a marketing function with a venture capital balance sheet behind it.

The office opens as a16z has just raised more than $15 billion across five new funds, the largest US venture haul of 2025, per the a16z’s $15 billion fundraise in 2026. Crypto is one of several priorities, and a16z crypto is the arm now making the Asia footprint, with a track record of a16z’s $2.2 billion crypto fund move running in parallel with the broader raise.

• South Korea (Seoul-based, the home market)
• Japan (cited 120% onchain growth, a16z’s most active adjacent market)
• Singapore (cited 40% Gen Z and Millennial ownership)
• Greater China (Park’s prior Polygon and Monad deal experience)
• India and Southeast Asia (the rest of the regional brief)

In practice, the office will help a16z crypto’s portfolio companies work with Korean exchange listings, KYC and AML requirements, and the country’s evolving stablecoin and ETF rulemaking. The role extends across the rest of the region: Japan, Singapore, India, and Greater China. Park’s experience at Polygon and Monad, both chains with active Korean communities, gives him working knowledge of the regulatory and exchange-relationship plumbing. The firm has said it will “add new capabilities to support our crypto companies operating there” over time, language that leaves room for direct Asia deal activity later. For now, the office is a regional launchpad, not a regional fund.

a16z crypto’s December announcement framed Seoul as “just the beginning,” with plans to grow the Asia presence “over the coming years.” The firm did not commit to a hiring target or a fund vehicle tied to the office. A regional crypto fund is not part of the current plan.

The Asian Crypto Map, With a16z in Seoul

The Seoul office puts a16z crypto on a map that already has serious regional players. Asian crypto-native capital has been concentrated in Hong Kong and Singapore, with growing teams in Tokyo and Seoul. CoinDesk, reporting on the move, noted that a16z crypto’s choice of Seoul was unusual, with most US crypto funds historically using Singapore or Hong Kong as their Asia base. The choice gives Korean founders a more direct line to a major US check-writer, and gives a16z crypto a first permanent Asia base.

The table below lays out the regional picture a16z crypto is now sitting inside. The figures are built from a16z’s State of Crypto data and Kaiko’s year-to-date volume numbers.

The Seoul office lands in a market where international crypto capital has been circling for years, and a16z crypto’s permanent on-the-ground presence is the new piece in that puzzle. Other international crypto players are moving on Korea at the same time, with OKX’s 20% Coinone stake move as one of the more visible cases. a16z crypto said the Seoul team will cover Korea, Japan, Singapore, Greater China, India, and Southeast Asia, the same markets its portfolio companies have been entering from the US.

For Korean founders, the office means an on-the-ground contact at a US fund that has historically flown in for due diligence without a permanent Asia team. In Japan, the Seoul base is a closer launchpad than a US office for entering the Korean retail and exchange market. Singapore and Hong Kong-based crypto funds now see a Seoul-staffed a16z crypto as a new entrant in their regional deal pool. The Seoul office is also a signal to Korean regulators that a major US fund is now permanently watching the local market. The firm has not yet announced a regional crypto fund to match the office.

The Korean Policy Clock Is Still Ticking

South Korea still has no spot crypto ETF, even as the country’s new president, Lee Jae-myung, has made legalizing one a campaign pledge. The Democratic Party has introduced the Digital Asset Basic Act, a bill that would allow companies to issue stablecoins with a minimum of 500 million won, or about $368,000, in equity capital. The bill has been delayed, and final passage is not guaranteed.

The regulatory direction of travel matters more than the calendar: a market moving toward regulated stablecoins and ETF access is one where a16z’s portfolio companies can list and grow. The Seoul office gives the firm a local presence to track that rulemaking in real time. It also gives a16z crypto a head start if Korea opens to US-registered stablecoin issuers or new exchange-traded products, both of which are central to the Lee administration’s stated agenda. A Seoul-based team can move faster on Korean partnerships than a US team flying in twice a year, which is the gap the office is meant to close.

a16z crypto announced the Seoul office before the rulemaking is finished, in a market where retail and developer demand already runs well ahead of policy. The Seoul office is positioned for whichever direction Korean crypto regulation goes next. The Lee administration has framed its agenda around ETFs and stablecoin licensing, both of which would open the Korean market further to a16z crypto’s portfolio companies. a16z crypto’s December announcement said Seoul is “just the beginning” of its Asia expansion, with plans to grow the office’s capabilities over time. A regional crypto fund is not part of the current plan.

The Seoul office is a16z crypto’s first permanent presence in Asia, and the Korean rulemaking is still in motion. Park is the person a16z crypto has put on the ground to run it.

Frequently Asked Questions

Why did a16z pick Seoul for its first Asian office?

a16z crypto said South Korea is the second-largest crypto market globally, with nearly one in three South Korean adults owning digital assets, outpacing stock investors. Seoul also hosts one of the world’s most active onchain developer communities, anchored by exchanges like Upbit. The combination of retail adoption, exchange infrastructure, and developer depth made Seoul the more useful Asian base for a firm whose portfolio companies are increasingly building in Korea and Japan.

Who is SungMo Park, and what is his role at a16z crypto?

Park is a partner and head of APAC go-to-market at a16z crypto, and the founding lead of the Seoul office. He was previously APAC lead at the Monad Foundation, head of APAC business development at Polygon Labs, and a product planner on NAVER’s search ads team, per the a16z crypto team page. He graduated from Seoul National University, where he studied international relations and entrepreneurship, and speaks Korean, Japanese, Chinese, and English.

What will the Seoul office actually do for a16z crypto?

a16z crypto described the office as a regional support hub, not a regional fund. The team will help a16z crypto’s portfolio companies with distribution, partnerships, and community across Korea, Japan, Greater China, Singapore, India, and Southeast Asia. The firm said it will “add new capabilities to support our crypto companies operating there” over time, but a dedicated Asia crypto fund is not part of the current plan.

How big is the South Korean crypto market?

Per Kaiko, crypto trading volume denominated in South Korean won reached $663 billion year-to-date as of the most recent figures, second only to $832 billion in USD-denominated volume. a16z crypto also said nearly one in three South Korean adults owns crypto, and Upbit alone captured 71.6% of domestic trading volume in the first half of 2025.

What is South Korea’s Digital Asset Basic Act?

The Digital Asset Basic Act is a bill introduced by South Korea’s ruling Democratic Party. If passed, it would allow companies to issue stablecoins with a minimum of 500 million won, or about $368,000, in equity capital, and would set the legal framework for digital assets and service providers. The bill has been delayed, and final passage is not yet guaranteed. For a16z crypto, the regulatory direction of travel matters more than the calendar.

Disclaimer: This article discusses venture capital activity and cryptocurrency markets. It is informational only and does not constitute investment, legal, or tax advice. Crypto markets are highly volatile; figures are accurate as of publication. Readers should consult a qualified professional before making any investment decision.