The Wall Street Journal reports that Facebook has enlisted the support of more than ten major companies to release its own Libra cryptocurrency, which is due to be officially presented next week and launched in 2020. The list of companies that have decided to support Libra includes such financial institutions as Visa and Mastercard, as well as major online platforms PayPal, Uber, Stripe and Booking.com. Each of the investors will invest about $10 million in the development of a new cryptocurrency and become part of the Libra Association, an independent consortium that will manage the digital coin independently of Facebook.
The message also says that the official announcement of the Libra cryptocurrency will take place on June 18, and its launch is scheduled for next year. It is expected that the Libra exchange rate will be linked to a basket of currencies of different countries, due to which it will be possible to avoid serious exchange rate fluctuations that are typical for many existing cryptocurrencies. The stability of the exchange rate is one of the key issues, as Facebook plans to attract users from developing countries, where Libra can become a kind of alternative to the unstable local currency.
Users will be able to use the new cryptocurrency on social networks Facebook, Instagram, as well as WhatsApp and Messenger messengers. The developers also hope to establish partnerships with large online trading platforms, due to which the cryptocurrency can be used to purchase various goods. In addition, physical terminals are being developed, reminiscent of familiar ATMs, through which users can convert their money into Libra.
Source: 3dnews.ru