The rumors were already in the market, and Wall street journal has confirmed that Facebook is ready to debut its long term project Libra. The social media giant was working on the project for the last ten years covertly. The news surfaced many times but was constantly denied by FaceBook CEO and founder Mark Zuckerburg.
Anyhow, news sources registered many meetings and activities of the Zuckerberg and last month he was found to be attending excessive meetings with the other CEOs of financial tech giants. According to the report of Wall street journal, Major financial organizations like Visa and Mastercard, PayPal, Uber, Stripe, and Booking.com are joining hands to execute project Libra. Each partner will be funding around $10 million for the development of the currency. All the founding members will be a part of the Libera association, yet the company will govern the digital coin as an independent consortium of FaceBook.
Cryptocurrency has boomed without any channeled parenting. The idea seems revolutionary only if regulations are added to ensure accountability. Companies like Mastercard and Visa found it way cheaper and quicker. Partnership with FaceBook will provide these financial giants with a ready-made user reach of around 2.4 billion.
It is clear that project Libra will enhance the trading capacity of international and domestic businesses too. At the far end of the world, where Chin is ready to beat the USA with its 5G network, this move from Facebook will stabilize the USA’s control over the FinTech industry. Project Libra will also help FaceBook to gain its hard power in the stock market whereas repairing its reputation will still take time.
Project Libra is expected to be introduced officially on June 18, 2019. Since the stability of the Coin Libra is concerned, Libra is expected to work as a stable coin, backed by Government-issued currencies like Dollar, etc. to minimize the volatility. Along with FaceBook, Whatsapp users will also be able to make transactions.