Sunday, 21 July, 2019

Facebook to launch Libra Blockchain testnet next week, backed by Libra Reserve

REVEALED The giant companies paying $10m for Facebook crypto nodes Facebook cryptocurrency embraced by Visa, Mastercard, PayPal, Uber
Ginger Lawrence | 16 June, 2019, 07:09

With each passing day, new details regarding Facebook's cryptocurrency project continues to emerge.

Hence, stay tuned until then for all the information you need about Facebook cryptocurrency.

By next week, Facebook is expected to provide the complete list of members who make up the Libra Association. Some of the giant companies willing and able to invest in the project include PayPal, Uber, Visa and MasterCard, and many other forward-thinking individuals are also interested.

As per reports, Uber and Stripe have invested $10 million each to support Project Libra, a codenamed organization that will handle the new digital currency.

China blasts western criticism of Hong Kong bill
And how things pan out in the coming weeks will depend on whether Lam can rectify her mistakes before it is too late. Hong Kong has established extradition agreements with some 20 countries since the 1997 handover.

With Argentina-based e-commerce site MercadoLibre, fintech company Stripe and hotel-reservation website Booking.com having already signed up for the project, Facebook is reportedly planning to go global.

Per the report, Facebook and dozens of its partners will unveil the Libra Association - which will be based out of Geneva - as the entity that will oversee the company's Libra cryptocurrency project. According to The Wall Street Journal, Facebook will peg its own cryptocurrency against government-issued digital currencies with the aim of bypassing harsh fluctuations in value and price of other tokens. The goal of this is to avoid volatility in the price, Cointelegraph reports. Such huge companies backing the soon-to-be-launched digital currency gives it a big boost in terms of credibility among potential investors. Last year, Bloomberg had reported that Facebook was looking to create a "stable coin" that will let the users of its social messaging platform, WhatsApp, transfer money to family and friends.

As for the practical uses of the new cryptocurrency, BBC suggested that Facebook may also forge links with retailers and online merchants to allow users to purchase discounted goods using the cryptocurrency.