01 Jun Andreessen Partner Predicts More Crypto Efforts
On the heels of the U.S. Mint’s decision to phase out production of pennies next year, a partner at Andreessen Horowitz, a California-based venture capital firm, said money will be digital by 2030, Bloomberg News reported.
Kathryn Haun said cash is on its way out in the same way books and music have gone digital. Haun’s prediction is not surprising given the company’s effort to raise $450 million for Libra, a blockchain digital currency proposed by Facebook.
“There will be other entrants in this category,” Haun told the news service. “Fundamentally everybody on the planet has a need to transfer value.”
Known for its financial backing of social media companies like Facebook and Twitter, Andreessen was one of the first venture firms with a large fund dedicated to cryptocurrencies, the Financial Times reported. The company raised $350 million in 2018 for startups working on the blockchain technology underpinning digital coins.
The…