As we know, Facebook is gearing up to launch a cryptocurrency of its own very soon and the project has already received funding support from industry biggies like MasterCard, Visa, PayPal and Uber. This crypto project, initiated by the social media giant, is expected to penetrate into an extensive market and allow people to transfer money from the ease of their smartphones.
The project in question is being referred to as Project Libra. According to communication coming from within Facebook, it seems that the tech major will not reserve any special roles or responsibilities as the initiator and promoter of the project.
Instead, it will share the roles and tasks with a consortium which includes the major backers we have already mentioned.
Till now, the consortium consists of 28 firms, each of which put in at least 10 million dollars into the project, for being regarded as a founding member of the Libra Association, as it is called.
Libra Association is designed to be a non-profit organisation which hopes to onboard a total of 100 businesses before its official launch. According to reports, its launch might be scheduled in the first half of 2020.
Libra is definitely a project to look out for as it is led by some of the topmost corporates in the world and backed by some of the leading central banks, that agreed to lend their “general cautious support” to cryptocurrencies.
David Marcus of Facebook, who has played a key role in expanding Facebook’s foray into the world of blockchain technology, has made the following statement:
“Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem,” he explained.
The social media major, by enlisting the collaboration of so many major firms, is hoping to smoothen out the problems of volatility that frequently plagues the world of cryptocurrencies.
Supplementary to the crypto project, Facebook is also planning a standalone crypto wallet, known as Calibra, which would eventually be integrated into WhatsApp and Facebook messenger services.