What Is It?
Facebook’s new cryptocurrency is called Libra, after the Roman unit of measurement used to mint coins. (Download the white paper here.) For blockchain investors, this is yuge news. Talk about widespread adoption: Facebook’s reach is so vast that Libra may become a new global currency overnight, on par with the dollar and the euro.
Here’s what we know.
It’s a stablecoin. Libra is a stablecoin pegged to the value of several different currencies. (Read our top-rated piece on stablecoins here.) This means its price won’t fluctuate, like bitcoin — but it won’t be tied exclusively to the dollar, either.
It’s a very big, very secret team. Over 50 engineers are working on the project, which is highly confidential, requiring special keycard access to enter the building.
They want to trade it on exchanges. The Facebook team has had discussions with digital exchanges on listing Libra. This implies it’s not tied exclusively to Facebook, but rather as a real currency that can be bought, sold, and traded. Continue reading…