Andreessen Horowitz to open first office outside the U.S. in London in bet UK will become crypto hub
Andreessen Horowitz partner Marc Andreessen.
Justin Sullivan | Getty Images
LONDON — Andreessen Horowitz is opening its first office outside of the U.S. in London, the venture capital firm announced Monday.
Andreessen Horowitz, a Silicon Valley venture capital firm that has backed leading tech companies from Airbnb to Coinbase, said it was looking to take advantage of what it sees as a more welcoming environment for crypto entrepreneurs in the U.K. The firm believes the U.K. will become a global leader in crypto, blockchain and digital currencies.
The U.S. has been cracking down on the crypto industry lately, with the U.S. Securities and Exchange Commission announcing lawsuits against crypto titans Binance and Coinbase last week. Essentially, the SEC is arguing many crypto tokens should be classified as securities, which would subject them to much stricter oversight and transparency requirements.
The U.K. earlier this year also proposed its first formal regulations of the crypto industry, seeking to clamp down on practices in the wake of the collapse of FTX, a crypto exchange once worth $32 billion. Many crypto investors say this would provide more clarity, particularly as they are facing heightened uncertainty in the U.S.
“The prime minister’s leadership is critical, but we have seen a wonderful openness to the promise of the technology, as well as a strong interest in whatever regulatory regime comes online, focusing on consumer protection,” Brian Quintenz, head of policy at Andreessen Horowitz, told CNBC in an interview.
“Frankly, I don’t think this current administration in United States is doing either — it’s a moment in a time when the U.K. acts nimbly and quickly, but robustly.”
Sriram Krishnan, an ex-Twitter employee who joined Andreessen Horowitz as a general partner, will relocate to London to head up the firm’s office there, Quintenz said.
Andreessen Horowitz also plans to launch its first crypto startup school in the U.K. in a bid to identify future talent in the crypto and Web3 space. The firm launched a school to coach entrepreneurs on building blockchain and cryptocurrency companies in 2019.
Andreessen Horowitz has been one of the most active investors in crypto and Web3, backing startups ranging from the crypto-based sports collectibles trading game Dapper Labs to nonfungible token marketplace OpenSea.
But it has felt the chilling effects of a downturn known as “crypto winter” in the past 18 months, following major collapses such as the spectacular bankruptcy of FTX. Andreessen Horowitz was not an investor, but several rival firms, including Sequoia, were.
The firm’s commitment to open a presence in the U.K. suggests long-term belief in the crypto market, at least outside the U.S.
“In terms of the United States, there is tremendous uncertainty here — that’s a kind word — there’s plenty of opportunity to create more uncertainty that has not been embraced,” Quintenz told CNBC.
“We’re seeing regulation by enforcement that does nothing to understand benefits of the technology or embrace entrepreneurs, innovators trying to build next iteration.”
WATCH: Crypto enthusiasts want to remake the internet with ‘Web3.’ Here’s what that means
An attendee wearing a Super Mario costume uses a Nintendo Switch 2 game console while playing a video game during the Nintendo Switch 2 Experience at the ExCeL London international exhibition and convention centre in London, Britain, April 11, 2025.
Isabel Infantes | Reuters
Nintendo on Friday announced that retail preorder for its Nintendo Switch 2 gaming system will begin on April 24 starting at $449.99.
Preorders for the hotly anticipated console were initially slated for April 9, but Nintendo delayed the date to assess the impact of the far-reaching, aggressive “reciprocal” tariffs that President Donald Trump announced earlier this month.
Most electronics companies, including Nintendo, manufacture their products in Asia. Nintendo’s Switch 1 consoles were made in China and Vietnam, Reuters reported in 2019. Trump has imposed a 145% tariff rate on China and a 10% rate on Vietnam. The latter is down from 46%, after he instituted a 90-day pause to allow for negotiations.
Nintendo said Friday that the Switch 2 will cost $449.99 in the U.S., which is the same price the company first announced on April 2.
“We apologize for the retail pre-order delay, and hope this reduces some of the uncertainty our consumers may be experiencing,” Nintendo said in a statement. “We thank our customers for their patience, and we share their excitement to experience Nintendo Switch 2 starting June 5, 2025.”
The Nintendo Switch 2 and “Mario Kart World“ bundle will cost $499.99, the digital version “Mario Kart World” will cost $79.99 and the digital version of “Donkey Kong Bananza” will cost $69.99, Nintendo said. All of those prices remain unchanged from the company’s initial announcement.
However, accessories for the Nintendo Switch 2 will “experience price adjustments,” the company said, and other future changes in costs are possible for “any Nintendo product.”
It will cost gamers $10 more to by the dock set, $1 more to buy the controller strap and $5 more to buy most other accessories, for instance.
WATCH: Nintendo has ‘a lot of work to do’ to convince casual users to upgrade to Switch 2: Kantan Games
An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn.
Victor J. Blue/Bloomberg via Getty Images
Etsy is trying to make it easier for shoppers to purchase products from local merchants and avoid the extra cost of imports as President Donald Trump’s sweeping tariffs raise concerns about soaring prices.
In a post to Etsy’s website on Thursday, CEO Josh Silverman said the company is “surfacing new ways for buyers to discover businesses in their countries” via shopping pages and by featuring local sellers on its website and app.
“While we continue to nurture and enable cross-border trade on Etsy, we understand that people are increasingly interested in shopping domestically,” Silverman said.
Etsy operates an online marketplace that connects buyers and sellers with mostly artisanal and handcrafted goods. The site, which had 5.6 million active sellers as of the end of December, competes with e-commerce juggernaut Amazon, as well as newer entrants that have ties to China like Temu, Shein and TikTok Shop.
By highlighting local sellers, Etsy could relieve some shoppers from having to pay higher prices induced by President Trump’s widespread tariffs on trade partners. Trump has imposed tariffs on most foreign countries, with China facing a rate of 145%, and other nations facing 10% rates after he instituted a 90-day pause to allow for negotiations. Trump also signed an executive order that will end the de minimis provision, a loophole for low-value shipments often used by online businesses, on May 2.
Temu and Shein have already announced they plan to raise prices late next week in response to the tariffs. Sellers on Amazon’s third-party marketplace, many of whom source their products from China, have said they’re considering raising prices.
Silverman said Etsy has provided guidance for its sellers to help them “run their businesses with as little disruption as possible” in the wake of tariffs and changes to the de minimis exemption.
Before Trump’s “Liberation Day” tariffs took effect, Silverman said on the company’s fourth-quarter earnings call in late February that he expects Etsy to benefit from the tariffs and de minimis restrictions because it “has much less dependence on products coming in from China.”
“We’re doing whatever work we can do to anticipate and prepare for come what may,” Silverman said at the time. “In general, though, I think Etsy will be more resilient than many of our competitors in these situations.”
Still, American shoppers may face higher prices on Etsy as U.S. businesses that source their products or components from China pass some of those costs on to consumers.
Etsy shares are down 17% this year, slightly more than the Nasdaq.
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