Monday, 1 June 2020

Facebook Libra will shape the future of money, Andreessen Horowitz

by Manasee Joshi


According to a general partner at Andreessen Horowitz Zuckerberg-led Facebook Libra will set the course for a digital economy and encourage many other entrants to dive into this industry.

Facebook Libra has been caught in controversies and criticism ever since its whitepaper launch. A year ago, it started with a vision to create global virtual currency that is accessible even to the unbanked population of the world, having no access to financial services. 

Unfortunately, the framework ran into heavy regulatory scrutiny and political resistance, which made Facebook Libra change its very design. Today, the project, despite several setbacks and withdrawals from some of the crucial association members, has found loyal support in Andreessen Horowitz. 


Facebook Libra will be tipping point for money


Katie Haun, in her recent interview with Bloomberg, sounded somewhat optimistic about the project and its vision. According to her, in the next ten years or so, Facebook Libra will shape the future of money. The money will go digital, much like music, books, and shopping, she said.
“Initiatives such as Facebook Libra will gain traction in the next few years, and investments by venture capital firms will be the ultimate driving force that will pave the way for other projects in the domain.” 
Meanwhile, the firm has also invested in another Libra-like project called Celo, whose alliance witnessed almost 50 percent growth ever since its launch two months back. Similar to Project Libra, the Celo alliance also envisions a robust stablecoin ecosystem that challenges the monarchy of the age-old financial system.

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