Hisham Sarwar
On 3rd June, we reported that Facebook is set to roll out its own Cryptocurrency. According to a Wall Street Journal report, Facebook has secured the backing of over a dozen companies to launch its own cryptocurrency known as “Libra”. The news is expected to be announced this week.
Among the companies willing to invest around $10 million to fund the development of the cryptocurrency include, Visa and Mastercard, PayPal, Uber, Stripe, and also Booking.
These companies and others who are investing will become a part of the Libra association. The association will work as an independent consortium, it will operate the digital coin without Facebook influence and will carry its operation independently.
Facebook’s currently has over 2.4 billion monthly active users, naturally, every financial institute would want to benefit from this massive popularity and huge customer base so all major US financial stakeholders are becoming part of it.
The independent body will increase the trust of everybody especially with concerns related to Facebook power, its security and recent downtime issues.
According to TechCrunch, the cryptocurrency will be called Libra and will most probably be rolled out on June 18th,
