“Project Libra” is focused on establishing a payment platform with an indigenous stablecoin. The study states that Facebook is presently in discussions with Visa, Mastercard, First Data and multiple retailers to build a network that can reach one-third of the world’s individuals who sign on to Facebook monthly.
A person familiar with the issue revealed that Facebook is employing financial institutions to create its own crypto, and that the codename and title of the venture is Libra. The attempt, if it succeeds, threatens to disrupt e-commerce’s conventional, profitable business and would probably be cryptocurrency’s most popular implementation.
It emerges as the social-media giant suffers severe stress from authorities, customers and investors to tackle privacy deficiencies. At the core of the strategy, which has been going on for over a year, is a crypto coin that its customers could transfer to one another and use to pay for goods and services on Facebook and online, as per people familiar with the situation.
Facebook’s confidential ambition for a unique payment system necessitates investments from conventional financial institutions and ability for users to be compensated for their activities on the platform.
Moreover, papers published by the US Patent and Trademark Office and submitted in June 2018 show that the firm obviously obtained the “Libra” trademark rights More specifically, while the filing owner is a limited liability company named JLV, the address given by the LLC is identical to the address for official Facebook correspondence.
The trademark was earlier retained by a crypto-tax firm, which lately amended its name to Lukka. As stated previously, for its supposed stablecoin, Facebook is also requesting investment to the tune of $1bn. Notably, Massachusetts Institute of Technology teacher Christian Catalini is on vacation and working to build Facebook’s coin.