Facebook has finally given a confirmation about launching Libra, a new cryptocurrency. Furthermore, the sources revealed that it will be released in 2020. Moreover, the new project will be supported by Visa, MasterCard, and many other partners.
Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML!
— CZ Binance (@cz_binance) June 18, 2019
Insights of the new Facebook blockchain project
Finally, Facebook has already decided to reveal its blockchain project. As per the news, they are ready to unveil their new project in detail. On June 18, the company announced that its new global cryptocurrency will be called Libra.
Facebook is rumored to launch their cryptocurrency, Libra, tomorrow which many believe could render Ripple/XRP useless.
Ripple not going down without a fight though — they just agreed to invest $50M in MoneyGram to accelerate adoption.
The token wars are upon us!
— Pomp 🌪 (@APompliano) June 17, 2019
However, their project is still under development. It is most likely to start next year. The new currency will not be an asset like Bitcoin. But it will be a type of digital currency supported by a reserve of assets.
Soon, users will be able to use Libra as a mode of payment for offline as well as online services. The company has visualized that Libra will try to focus on developing countries. Such part of the nations is still lacking in access to established banks.
BREAKING: Facebook releases plan for its Libra cryptocurrency to ‘meet the daily financial needs of billions of people’ https://t.co/aJx1deDr8y
— The Block (@TheBlock__) June 18, 2019
What is the main aim of Facebook?
The goal of Facebook is the build the first mainstream cryptocurrency. They want to create an online mode of payment globally which can be used to purchase almost anything. From, credits to loans and banking, they want a cryptocurrency to support the complete range of financial products.
Facebook is going to be the biggest crypto onramp and LIBRA the most used cryptocurrency for a while.
Sending/receiving crypto is going to be mainstream. That's for sure now. 🚀
— Lukas Bydzovsky (@LukasBydzovsky) June 18, 2019
Moreover, Facebook has created the nonprofit Libra Association along with their twenty-seven other partners. They have collaborated with nonprofit organizations, crypto firms, and many more.
Likewise, they have partnered with technology service providers like eBay, Spotify, PayPal, Vodafone, etc.