Tuesday
June 18
2019

Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked

By Zach Seward, Nikhilesh De

You don’t have to have a Facebook account to use Libra.

That’s the hands-off approach the social media giant is working toward as it announces its new blockchain and the token of the same name that will run on top of it.

While Tuesday’s announcement is still early days, the scope of the project is far-reaching. It includes a new Facebook subsidiary, Calibra, and an independent consortium, Libra Association, backed by some of tech’s biggest names.

“Implied in this project is that wherever the Visa or Mastercard logo are accepted, Libra would follow suit,” Dante Disparte, head of policy and communications for the Libra Association, told CoinDesk in an exclusive interview. “In so many ways it’s a great leap forward for cryptocurrencies and, in many respects, a mainstreaming of this asset class.”

The Libra Association’s group of 28 founding members includes Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others.

Photo courtesy of Pixabay.

Source: CoinDesk (link opens in a new window)

Categories
Finance
Tags
blockchain, cryptocurrency, financial inclusion, financial innovation, financial services, remittances, unbanked