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U.S. venture capital firm %AndreessenHorowitz has announced plans to open an office in London, England as it targets %Cryptocurrency start-ups in Europe amid a widening regulatory crackdown in America.

Silicon Valley-based Andreessen Horowitz, which is known as “a16z,” currently has about $35 billion U.S. in assets under management and was an early backer of technology giants such as %Facebook ($META ), %Coinbase ($COIN ) and Twitter.

The company’s move to England comes as London’s reputation as a financial centre has taken a hit. There have been few public listings on the London Stock Exchange as well as an exodus of talent since the country left the European Union in a process known as “Brexit.”

Andreessen Horowitz said its London office will focus almost exclusively on cryptocurrency and blockchain start-ups, to which it has committed more than $7 billion U.S. of capital.

The venture firm’s move to open an office in London also comes as the U.S. Securities and Exchange Commission (SEC) ramps up its crackdown on crypto, recently filing lawsuits against exchanges Binance and Coinbase.

In England, the government is trying to attract crypto-focused businesses and is in the process of developing a regulatory framework for digital coins and tokens.

British Prime Minister Rishi Sunak issued a statement saying that he is “thrilled” that Andreessen Horowitz is opening an office in London.

Andreessen Horowitz’s crypto business is led by Chris Dixon, who is widely regarded as a thought leader on blockchain technologies and the future direction of digital assets.

In May 2022, Dixon announced a new $4.5 billion U.S. fund focused on cryptocurrency and blockchain ventures. It’s believed to be the biggest fund of its kind in the world.

Andreessen Horowitz’s London office will open by year’s end and be led by Sriram Krishnan, one of the firm’s general partners.