Katie Haun was asked to investigate bitcoin. Now she's one of the most recognizable names in cryptocurrency investing.
Katie Haun is the first female general partner at Andreessen Horowitz, and heads its $350 million cryptocurrency fund. She and the firm have been a driving force alongside Facebook to launch its libra cryptocurrency.
What's now the most widely used cryptocurrency was a niche payment method being used in the depths of the internet, in many cases being used to buy illegal goods on black markets. But Haun quickly decided the currency itself wasn't what needed probing.Instead, her department prosecuted multiple cases where bitcoin was being used for extortion and white collar crime. In some cases, the technology behind bitcoin, known as blockchain, actually helped the department solve cases.
Haun was later sent on assignment to the Justice Department headquarters, working in a newly created group called the National Security Division, which was born out of post- 9/11 legislation. There, she monitored nationwide terrorism cases, including the Miami "dirty bomber" Jose Padilla trial. By 2009, she moved west.
She started viewing it through the same lens as she saw cash: bitcoin could enable criminal activity but it wasn't responsible. In some ways, its technology actually helped her solve cases. Blockchain transactions are stored on a digital ledger that are visible to anyone but can't be changed. That "digital bread crumb" helped her track down illegal funds more easily than tracking cash.
She quickly became the in-house crypto expert and did see plenty of nefarious uses for cryptocurrency. But she said, a similar phenomenon had happened in the early days of the internet and cellphones. While Haun said she had never contemplated an investing career, some of her skills as a federal prosecutor made her perfect for the role, Horowitz told CNBC.
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