Union Square Venture (USV), one of the founding members of the Libra association considers Libra as a stable cryptocurrency that possesses huge potential to capture the market in the future.
An American New York-based venture capital firm, Union Square Venture (USV) which is known as top returning venture capital funds in the world has invested in Libra and believes it is going to boost the market across the crypto space.
USV considers Libra as a catalyst
While speaking about Libra investment, Nick Grossman, a partner and General Manager of Special Projects at Union Square Venture (USV) explained it not going to be a direct yield but it will reap its benefits in the long term. On a continuous note, Grossman says, with crypto built-in, there is no mainstream web browser, neither phone calls nor in applications. So there is a need to connect crypto with the consumers, crypto-compatibility by making built into phones, applications, and browsers. With the hope that Libra will run the show pretty well and benefit the entire ecosystem of cryptocurrencies and crypto-assets, USV has been the main investor of Libra.
“We really see it as an ecosystem stimulant hopefully as much as a direct financial investment,” Grossman asserted.
According to him, the Libra Association is looking forward to centralized governance whereas at present USV has only a seat of 100 members. As a result, there will be certain changes in USV with the indulgence of Libra association, he affirmed. It’s worth noting that Facebook will also be one equal member just like other members of the Association. This is likely the key reason why the USV has joined Libra. As one of the 20 members of the association, USV will have the opportunity to participate in the network for designing and policymaking. Appreciating the futuristic view of Facebook launching Libra, Grossman said;
“You have to look at it over time like every project, especially in this space, you start off with a small, closed group, and if it works, it grows and decentralizes over time,”
Conclusively, Libra investment is going to be both ecosystem and financial investment for USV says, Nick Grossman. Besides, to provide stability for the currency, USV seems interested in investing in the Libra Reserve as Nick says the crypto industry is all about exploring new investment structures.
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