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According to Katie Haun from Andreessen, other projects similar to the Facebook Libra will come in the future

June 2, 2020

Kathryn Haun, partner at Andreessen Horowitz, said in an interview for Bloomberg that We could expect more projects based on institutional cryptocurrencies like the Libra project from Facebook in the not too distant future.

“There will be other participants in this category,” said Haun. “Basically everyone on the planet has to transfer value.”

For Haun, Cash is withdrawn in the same way that books and music have been digitized. At the same time as an example of Libra’s efforts to accelerate the build-up of blockchain-based digital money.

Andreessen, a California-based venture capital firm, is known for its financial support for social media companies like Twitter and Facebook. It is also one of the first venture companies to launch a large cryptocurrency fund, as reported by the Financial Times.

According to Katie Haun from Andreessen, other projects similar to the Facebook Libra will come in the futureAccording to Katie Haun from Andreessen, other projects similar to the Facebook Libra will come in the future

The company raised $ 350 million in 2018 for startups working on blockchain technology that supports the new digital currencies. The fund was also one of the largest donors to the scale and has a seat on the board of the association.

Haun also commented on this in 10 years “The actual bits and bytes will carry instruments” and the Services like PayPal and Venmo, which are based on promissory notes from physical banks, could disappear during this time.

For the Andreessen partner “Internet money is still in its infancy.”

When asked why few venture capital firms are investing in the crypto space, she found that “It’s a real commitment.”

“”You have to specifically focus on crypto to do this because there are so many changes and many options. We’re starting to see some of the more traditional venture capital funds moving into the crypto industry. For regulatory reasons, many of them cannot hold tokens unless they are registered as a registered investment advisor. And tokens are where they are and where they’re going. “

The scales continue to advance

Libra was a promising project that, after its passage through the SEC, has become a controversial high-cryptocurrency regulatory policy project that has clashed with Facebook’s interests to get it done.

As Bloomberg points out in his note, Andreessen recently launched a second $ 515 million fund to invest in cryptocurrency and blockchain projects. While Kathryn spent a decade as a federal attorney specializing in fraud, cybercrime, and corporate crime, she was particularly involved in the Mt. Gox exchange case.

Last month too The Libra Association appointed Stuart Levey, a former US Treasury officer, the first CEO. where Haun had a large part of the credit when she was responsible for the search committee.

The Libra Association was founded by Facebook last year to enable the version of global payments. It is made up of around twenty institutional members and non-profit organizations, although important names such as Visa have come out, just to mention one example.