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Libra- the Facebook global currency

Posted By : Admin

Posted Date : March 04, 2020

In the beginning, the company imagines Libra will be used mainly to transfer money between individuals in developing countries who lack access to traditional banks. Eventually, the goal is to create the first truly mainstream cryptocurrency: a decentralized global form of payment that is as stable as the dollar, can be used to buy almost anything, and can support an entire range of financial products — from banking to loans to credit. Although Facebook is building Libra and plans to run the project through the end of this year, eventually it plans to cede the project to a larger community. The company has formed the nonprofit Libra Association with 27 other partners to oversee Libra and its development. The partnership includes venture capital firms, nonprofit organizations, crypto firms, and massive corporate finance, telecommunications, and technology service providers, including Coinbase, MasterCard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft, and Vodafone.