Meta Description: Facebook is all set to reveal details of its cryptocurrency codenamed Libra on June 18th. The US technology company is working on a white paper for its own crypto coin.
Description: Facebook is all set to reveal details of its cryptocurrency codenamed Libra on June 18th. The US technology company is working on a white paper for its own crypto coin. White papers are concept papers for block chain projects. The company’s head of Financial Services and Payment Partnerships for Northern Europe Laura McCracken told that the cryptocurrency would indeed be pegged to a basket of currencies rather than a single one like the US dollar to prevent price fluctuations.
The debut of cryptocurrency by Facebook could unlock a new era of commerce and payments for the social network. Facebook has spoken with financial institutions regarding contributing capital to form a $1 billion of multiple international flat currencies and low-risk securities that will serve as a collateral to stabilize the price of the coin. Facebook is operating with diverse nations to preapprove the rollout of the stable coin. The cryptocurrency could be transferable with 0 prices through Facebook products- Messenger and WhatsApp. Facebook is operating with merchants to accept the token as payment and can provide sign-up bonuses. The block chain project is overseen by former PayPal president and VP of Facebook Messenger David Marcus. His team includes former Instagram VP of product Kevin Weil, Facebook’s corporate head of treasury operations Sunita Parasuraman and many elite engineers cherry-picked from Facebook’s ranks.
Several reports suggest that the company is also planning physical ATM-like machines where users will be able to buy the cryptocurrency. The currency will help Facebook’s 2 billion users and more to pay for things and exchange money between countries could help the company diversify beyond advertising which today accounts for nearly all of the revenue.