a16z Opens Seoul Office as Crypto VCs Rush South Korea

Sungmo Park, who joined a16z as its crypto Asia-Pacific go-to-market lead when the Asia expansion was announced in December, will run the Seoul office. Park previously held APAC roles at Monad Foundation and Polygon Labs and speaks Korean, Japanese, Chinese, and English.

Unlike Circle, which has signed partnerships with exchanges Dunamu (operator of Upbit) and Bithumb while telling Korean media it would seek a local subsidiary and license, a16z does not require a license and does not intend to launch a product. Instead, it is building go-to-market infrastructure so its existing portfolio companies – spanning crypto protocols, infrastructure, and applications – can reach Korean users and partners more easily.

The firm has not disclosed which portfolio companies will be first to use the Seoul office for market entry. Park's mandate covers all of Asia-Pacific, so the office could also serve as a staging point for expansion into Japan, Singapore, and India, all markets a16z flagged as high-growth in its December announcement.

The Digital Asset Basic Act is still in proposal stage. The pattern of foreign firms jockeying for position suggests compliance costs and timelines will be a material factor for any crypto project targeting Korean users. a16z's early positioning gives its portfolio a potential advantage over competitors that have not yet established a local presence.

The Seoul office opens with crypto-focused work and plans to widen its scope over time, a16z said.