Believe it or not, Facebook will be the company that brings cryptocurrency to the masses. Today the social network giant published detailed plans for a cryptocurrency called libra, backed by currencies from the most trusted central banks around the world, and accessible even without a bank account.
With plans to integrate its own cryptocurrency wallet in with Facebook-owned WhatsApp and Messenger when the cryptocurrency goes live in 2020, Facebook will instantly bridge the world’s largest social network with the brave new world of cryptocurrency. All that’s left is for users to use it. According to Marcus, who was previously president of PayPal, those assets will “likely” include currencies from the U.S. Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, at the very least. “With assets backing every single coin, you can extrapolate the currency itself will be very stable, low volatility, low inflation, and a good store of value and medium of exchange,” says Marcus.
In exchange for the the investment, companies will receive a form of cryptocurrency called a security token, which have yet to be created or issued. Once issued, the tokens will be used in much the same way that a token is used at a video game arcade to prove that real money was spent.
Click here to read more about Facebook and 50 other big companies using blockchain to improve operations. Instead of partnering with each other to improve existing infrastructures, this ecosystem of membership-based organizations, including Circle and Coinbase-backed Centre, and even more traditional banking payments platform Swift, are largely competing for the right to have their standards become the default global payments standard.
Each of these wallets can send and receive currency to any other wallet that supports libra, similar to how email from one provider, such as Gmail, can correspond to another provider, like Yahoo. While anyone will be able to build a wallet on the platform, all of the four founding blockchain members—Andreessen Horowitz-backed Anchorage, Mike Novogratz-backed Bison Trails, Coinbase, Inc., and Xapo Holdings Limited—provide either cryptocurrency software wallets or hardware-based custody solutions.
Facebook has traditionally made money by selling ads targeting specific individuals based on the personal information they share with their friends, last year generating $55 billion, or 98% of all its revenue from advertising.
Source: Digital Coin News (digitalcoinnews.net)
DelRayMan $libra would fail like $Paypal did
DelRayMan
DelRayMan facebook having 2.38 billion monthly active users, and consider only half of them started using its new currency , within just 1 month it will change the entire currency and payment industry
Crypto DelRayMan Not really, central banks won’t let it happen nor bought politicians, this fb announcement put fire under their asses. We will see it soon enough :)
Crypto DelRayMan I just read this article. If Facebook pulls this off they will be the most powerful company in the world.
DelRayMan
Crypto DelRayMan I hope they won't bring messtoypto the crypto
DelRayMan 'Facebook will be the company that WILL TRY TO brings cryptocurrency to the masses
Crypto DelRayMan yes, with xrp/xrapid used as the bridge between different fiat systems.
DelRayMan will they force ppl to open a fb account?
Crypto DelRayMan It's not a cryptocurrency. Where's the decentralization?
DelRayMan You want that, I don't.
Crypto DelRayMan But vergecurrency will still be more secure than Facebook will ever be. 🤣🤣🤣 $xvg xvg bitcoin $HTC
DelRayMan I'm old fashion. I believe the fed should be the only one offering a crypto currency.
DelRayMan entiendo muy poco de criptomonedas
DelRayMan Another Tulip scam in the making?
DelRayMan well as i have said before fakebook have already fucked up social media they might as well destroy the cryptocurrency market as well while they are at it
DelRayMan Kek. Sure. ...and we will surpass their market-cap, bringing more inherent value and monetary gain to people than they ever will. Screencap this. $ZBUX
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: billboard - 🏆 112. / 63 Read more »
Source: PasteMagazine - 🏆 392. / 55 Read more »
Source: DEADLINE - 🏆 109. / 63 Read more »
Source: TheEconomist - 🏆 6. / 92 Read more »