According to insiders, Facebook is finally unveiling Project Libra on June 18.
Laura McCracken, (FB Head of Financial Services and Payment Partnerships for Northern Europe), recently informed Sebastian Kirsch of the German magazine WirtschasftsWoche that Project Libra’s white paper will debut on June 18, 2019. Facebook has no official position as of this writing.
So what do we know so far about Facebook’s cryptocurrency and blockchain project?
Facebook’s recent company registration in Switzerland Libra Networks could be the first clue. So definitely, they will not call it GlobalCoin as the BBC reported. Speculation suggests that Libra is a play on the word LIBOR. Libra to mean “for the people,” versus LIBOR for the bank.
It could also mean exactly as the zodiac sign Libra which is compatible with Gemini. You got that right! Winklevoss Twins’ Gemini is definitely another zodiac sign in the cryptospace. Gemini, of course, is already a well-established digital currency exchange. Will the two zodiac names be as compatible as these two crypto companies? Will Gemini list Facebook’s stablecoin, Libra?
Facebook will hand oversight of the cryptocurrency to an independent foundation. According to the TheInformation.com, FB believes that distancing itself from the token’s management will help keep regulators at bay.
With more than 2.3 billion users globally, the success of this project could have a significant impact in areas around the world. This could mean reaching more people who are not served by traditional financial systems.
The project already tapped several financial institutions and tech companies to join. They also plan to place ATM-like terminals for exchanging fiat to token, vice versa.
With the financial backing of the largest social network in the planet and its 1 Billion dollar ICO goal worldwide, what could go wrong?