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Libra, the cryptocurrency that Facebook would launch at the beginning of the following year

Dec 03, 2020 App News

Libra, the cryptocurrency that Facebook would launch at the beginning of the following year

Facebook is a lot different than what it used to be back in the days - as the company has grown from just a website used to interact between contacts, be it friends, family or work related ones. It was used to play games such as Farmville, Mafia Wars and what not. However, now the platform has expanded by a ton, as it not only allows for social media interaction, but also live streaming features, video calling options, is a major platform for e-commerce businesses, and now - apparently the company is going to launch its very own cryptocurrency in the market by the start of next year.

Libra, as Facebook is calling it, will be the social media giant’s personal cryptocurrency, as it will be made available for public dealing in the start of 2021, probably in January. The new cryptocurrency is going to be initiated with the Libra Association based in Geneva, and will apparently be dollar-backed, instead of supporting all the major currencies in the world. Facebook authorities found it an issue to deal with legal boundaries and questions asked by banks, and Facebook doesn’t really want to go down that route.

Currently, Libra is going to be verified by the Financial Market Supervisory Authority (FINMA), which also overlooks the Swiss banks, and controls the financial market overall. All in all, this is going to be an exciting new beginning for Facebook, and if things go well, who knows that Libra might dominate the crypto market as we see it today.



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