Andreessen Horowitz general partner Katie Haun said in a recent interview that the future is digital and bank-free.
A16z is seeing an opportunity for a new financial network and is expecting more Libra competitors to enter the space.
Katie Haun told on Monday that a16z is expecting money to become greatly digital in 10 years, similar to books, music and other items that have gone online.
Venmo and Paypal rely on traditional banks "IOUs", so they are not necessarily exacting examples of digital money.
Alternately, she described a crypto-related category named “internet money,” which involves Facebook-backed stablecoin project Libra and open-source payments network Celo:
“The third category is what we call internet money, and this is building off the idea of Bitcoin but it’s solving for limitations of Bitcoin. Here you’ve seen us make investments in projects like Celo and Libra. And we think there will be other entrants in this category.”
Other places where Andreessen Horowitz invests crypto funds include Bitcoin, which Haun pointed to as “a nice long-term store of value”.
Haun was asked how many Libra-like projects she would like to see in the future and she answered:
“I can look at some parallels in traditional financial services. We see an opportunity for a new financial network. It’s not necessarily akin to a Visa or Alipay, because those are more limited, only people connected to these systems through their bank accounts can use them. We think of this internet money category as Visa 2.0.”
However, Haun acknowledged that "internet money" projects are not yet ready for mass consumption. “It’s not yet ready for prime time, but it’s getting there.”
In May, Andreessen Horowitz released a free online version of the Crypto Startup School, a seven-week training course for industry entrepreneurs. In April of this year, the company doubled down on crypto and blockchain, raising $515 million for its second crypto-focused fund.
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