Facebook to launch a new currency and a non-profit association to run it

Today, Mark Zuckerberg posted on Facebook that they are working with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra. This confirms rumors going round on internet about Facebook’s interest in investing on cryptocurrency. This make Facebook the social media company to take this direction.
Facebook’s main objective of setting up Libra and its development environment is to to create a simple global financial infrastructure that empowers billions of people around the world.
How it works
Libra will be built on a secure, scalable, and reliable blockchain; it will be backed by a reserve of assets designed to give it intrinsic value; and it will be governed by the independent Libra Association, which was formed to manage and evolve this new ecosystem. And if you are a developer, an open-source testnet (an early version of the Libra Blockchain) is available, and you can provide feedback on the code here.

Readmore about Libra

Tags: crypto, , Libra
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