a16z Says Blockchains Can Broaden Markets Beyond Crypto Assets

a16z crypto argues that blockchains could broaden markets by letting users issue and distribute financial exposures globally, bringing more than conventional assets and crypto-native contracts within traders' reach. The firm's thesis starts with two parts of any market: the risk being traded and the instrument used to transfer it. A company’s cash flow, a barrel of oil, a borrower's credit or an election result can each be an exposure. Spot trades, futures, perpetuals, options and event contracts are among the ways traders can take or transfer that risk.