Facebook’s Libra coming this week
The stablecoin project has found additional support from Uber, Visa and others
The wait for Facebook’s stablecoin, the Libra, is almost over. The possibility of the social media giant introducing its own cryptocurrency first surfaced a few months ago, but came into vigor last month. Facebook is apparently launching its testnet tomorrow, and has already found additional support in some surprising companies.
The Libra project will be managed by Facebook-created Libra Association, hosted on the Libra Blockchain and backed by the Libra Reserve. As it gains traction, it has picked up support from several international heavyweights, including Uber, MercadoLibre, MasterCard and Visa – the same Visa that swore that digital currencies have no place in society.
What roles the different companies will play in the scheme isn’t clear. However, an anonymous executive from MercadoLibre, the largest eCommerce peer-to-peer site in Latin America, has said that the Libra could be offered as a form of payment on the platform. He asserted, however, that he wasn’t at liberty to provide any details, and no confirmation has yet been made.
In addition, Booking.com and Stripe are also going to be involved. Just like the others, though, their activity in relation to the platform isn’t clear. Stripe is a payments processor, so it could handle payments. Booking.com might be considering accepting the stablecoin as a form of payment, just like MercadoLibre.
The Libra, according to Facebook, is designed to give consumers easier payment possibilities and, in particular, to those consumers in unbanked areas. The company has been working on ensuring it meets regulatory guidelines and asserts, “Collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”