Further details about Facebook’s cryptocurrency – codenamed Libra – are about to be revealed, with sources saying that June 18th is the most likely date.
While the official launch date of the cryptocurrency hasn’t been locked down officially, a recent TechCrunch report talks about the publication of a related whitepaper on June 18th. The same report also explains that TechCrunch has since received a news embargo for that date.
Not that much is known about Libra yet, other than it will be a so-called “stablecoin,” pegged to various currencies rather than one. This, as we’ve explained in a previous report, helps prevent fluctuations that would exist if it were connected to just one currency.
The eagerly-awaited cryptocurrency project is headed by former PayPal President and current Messenger VP David Marcus and his team, and is likely to be called Libra (as it’s currently codenamed) – and not GlobalCoin, as previously claimed. Facebook even recently registered a company in Switzerland to run the currency. The company itself is called Libra Networks.
According to the rumours, the cryptocurrency’s formal launch will not take place before 2020.
Its launch could revolutionise commerce and payments on Facebook, allowing people to “sidestep” credit card transaction fees, and this could lead to a cheaper way for merchants to get paid through the platform.
It could also “facilitate microtransactions for a la carte news articles or tipping of content creators,” explained TechCrunch’s Josh Constine. It may also offer “better understanding of who buys what or which brands or popular could aid Facebook in ad measurement, ranking, and targeting to amplify its core business.”