Real Alpha has cut 7 moments of Terry Angelos (Chief strategy officer, VGS) talking, from an interview on a16z Podcast published Oct 15, 2026.
What Terry Angelos said
Agentic tokens can preserve card-network protections
“They purchased the chandeliers on my behalf. They issued their own, actually this is like a Visa virtual card, one-time use card, made the purchase”
Terry Angelos21:15 Agent transactions need authorization and liability rules
“The third question is like, is the agent of sound mind? Like, did it get it right? Was it drunk? You know, exactly. Did it hallucinate?”
Terry Angelos33:20 Agents may expand purchases without triggering bank runs
“I don't think we're going to get a bank run on savings deposits where agents are going to sort of maximize yield and move my money around between different accounts.”
Terry Angelos40:59 Retailers have different incentives to accept shopping agents
“if you are one of the largest retailers on earth with the best last-mile delivery, that this is all good for you.”
Terry Angelos37:43 Large merchants use several processors to route payments
“Yeah, so about a third of all cards get turned over every single year.”
Terry Angelos7:57 Agents may expose price thresholds and weaken card rewards
“I wanted to buy a flight that was on the edge of the price that I could pay that would get me an upgrade.”
Terry Angelos45:56 Agent usefulness depends on wallet reach
“They have about 300 million consumers who have an account at Link.”
Terry Angelos14:04
The episode
a16z PodcastAgentic Commerce: Why Your Wallet Is About to Change
Terry Angelos & Alex Rampell
19:49of 50:31 · Oct 15
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