Facebook is soon joining the growing world of cryptocurrency with their very own 'Libra', the company supported digital asset reported to be launched in January of next year.
The report came from Financial Times, the world renown newspaper and digital publication which focuses on business and economic affairs. It stated that Facebook would launch the Libra currency next year in a 'limited format.' Like any other launches done by Facebook or any other social media sites and platforms, changes and updates like this are typically launched first on limited areas or regions And as time will pass by wherein it could show good results and has found success, then that is where it could be launched on a much bigger scale, probably all around the platform and all the users available.
Libra is a consortium founded and created by the Facebook company itself. It was made originally to be established as an up and coming type of currency wherein it is targeted to forma certain form of tie-ups between already established and used flat currencies and securities.
Now, its focus primarily revolves around stablecoins. Stablecoins are a classification of cryptocurrencies, or crypto which does not circulate on the flow of value cycle that goes in opposition of a certain flat currency. Base currencies such as USD, EUR, GBP, and SGD are stated to be the initial currencies for several stablecoins available upon the launching of Libra. More currencies are also said to be included yet no specific date or time of release has been given by the upcoming crypto stable.
The transactions, projects, and currency-related aspects will be supervised and managed by the Libra Association, the membership organization of companies heavily associated in the industries of technology, telecommunication, venture capital, online marketplace and selling businesses, payment method-based companies and services, venture capitals, and nonprofits.
Libra's Support System
So far there are 21 companies who signed their memberships in the consortium of the Libra Association, including payment method company PayU (Checkout.com), French-based telecommunications company Iliad SA, blockchain companies Coinbase and Xapo, venture capital Breakthrough Initiatives, music streaming platform Spotify, vehicle service and booking company Uber, and Facebook company's own subsidiary Novi Financial - that was then called Calibra after being rebranded to its new name last May.
Another news is that Facebook may also launch its very own e-wallet at the same time in line with its crypto-associated venture. It will be called the Libra wallet, with its base of the Libra cryptocurrency to be fully utilized on the social media network.
The separate app of the Libra cryptocurrency is expected to hit app stores and would be eventually available for download at the coming year. Yet existing Facebook related apps such as Messenger and WhatsApp can also offer services that involves managing a user's Novi account. The company looks forward for the users to try on Novi, and projects that it could build a certain following or user base within the coming months.