Technology

Libra: Facebook’s new cryptocurrency

2.5 billion users of Facebook will get introduced to the use of cryptocurrency and wallets.

Featured image: courtesy of David McBee from Pexels

According to Mr Josh Constine at TechCrunch.com, Facebook is planning a new cryptocurrency which is ‘codenamed’ Libra. In his article ‘Facebook plans June 18th cryptocurrency debut. Here’s what we know‘, Mr Costine claims that Facebook Inc. has scheduled for a June 18th release of a white paper explaining their cryptocurrency’s basics.

Courtesy of Pixabay from Pexels

Moreover, in her article Facebook’s New Cryptocurrency, Libra, Gets Big Backers at The Wall Street Journal, Anna Maria Andriotis claims Facebook has gathered companies such as Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc., to fund a new cryptocurrency to be announced this week and get released next year.

Furthermore, in their discussion at CNBC Liz Hoffman of The Wall Street Journal and Meltem Demirors of  Coinshares outlined that 2.5 billion users of Facebook will get introduced to the use of cryptocurrency and wallets while Facebook enters the ‘payment space without becoming a bank’. This according to Meltem Demirors is very interesting as there are companies that utilize the power of existing cryptocurrencies, while on the other hand there are companies that develop their own Blockchain technology and create new cryptocurrencies like JP Morgan with their JP Morgan coin and Facebook with the new coin.

Courtesy of Pixabay from Pexels

All things considered, probably tomorrow on the 18th of June, Facebook will announce its new cryptocurrency. As it seems there are many more interesting features expected to be released from Facebook with respect to their Blockchain technology.

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