Cryptocurrency News Today – Headlines for June 2

  • Facebook’s Libra will shape the future of money – Andreessen Horowitz
  • Libra will be a tipping point for money
  • Facebook’s coin will also capture the interests of other entrants

 Cryptocurrency News Today – Facebook’s Libra will set the pace for the future of digital assets according to one general partner at Andreessen Horowitz. The executive believes the Mark Zuckerberg-led Facebook Libra will initiate the change to a digital economy. It will encourage other entrants to enter this industry.

Libra has been in many controversies and criticism since it revealed it’s whitepaper. It has been grilled and scrutinized by lawmakers and regulators. One year ago, the vision behind Libra was to create a global digital currency that will be accessible to unbanked people around the world. People with no access to financial services. However, the heavy regulatory scrutiny made Libra change its design. Despite these challenges, Facebook’s cryptographic project has found loyal support in Andreessen Horowitz.

Libra Will be a Tipping Point for Money

Facebook’s Libra initiative will also serve as a tipping point for funds. Katie Haun, who recently spoke with Bloomberg, sounds optimistic about Libra’s vision. According to Haun, in the next ten years, the Libra project will shape the way we use and send money. The money will go digital, just like music, books, and shopping have gone over the years. Here is what she said:

Initiatives like Facebook’s Libra will gain traction in the coming years. Investments by VC firms will be the springboard that will clear the way for other initiatives in the domain.”

Meanwhile, Andreessen Horowitz has also invested in another project like Libra called Celo. Celo’s alliance with Andreessen Horowitz has witnessed a 50% growth ever since launch. The Celo alliance much like Libra also envisions a robust stablecoin system that can alter the monarchy of the age-old traditional financial model in place.

Libra Will Capture the Interests of Other Entrants

Haun adds that Facebook Libra and Celo will both inspire other top players in the space to dive into the market because everyone today needs to carry out money transfers. Speaking on how the money will be in the future, Huan said, even though payment platforms like PayPal and Venmo have already digitized the remittance sector, they still rely on traditional banks and other intermediaries to approve funds transfers. She said:

In ten years, this could change. The funds will be largely sent by bits and bytes.”

Speaking about who she thinks will initiate this revolutionary change, Huan said Facebook’s Libra would not be the only major player. According to her, more stablecoin initiatives will come up based on changing consumer needs:

Eventually, clients will be the biggest beneficiaries because they will realize that they don’t have to depend on middlemen for funds transfers.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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