Odaily News Andreessen Horowitz (a16z) opened a branch in Miami Beach in 2022. The venture capital giant with $43 billion in funds was actively promoting Miami as a technology mecca in the tropics. Two years later, the office has quietly closed as the cryptocurrency market slumped. People familiar with the matter said that Andreessen Horowitz withdrew from the area in May because employees did not use the office frequently enough. A representative for Andreessen Horowitz confirmed that the company no longer has an office in Miami, but declined to comment further. The withdrawal highlights the potential weakness of Miami's staying power after attracting a large number of financial and technology companies in recent years. Shortly after Andreessen Horowitz announced the opening of the office, Miami's cryptocurrency dream began to collapse with the collapse of Sam Bankman-Fried's FTX. Since 2022, venture capital funds flowing into Miami have been on a downward trend. According to PitchBook data, Miami companies raised $400 million in the second quarter, compared with $5.5 billion in all of 2022. (Bloomberg)