Binance report: Libra could be a game-changer in the payments industry


  • A new Binance Research report says that Facebook’s digital currency Libra could be game-changer in the payments industry.
  • The report compared Libra to Elon Musk’s spaceflight company in terms of the initial challenges faced by them

A new report from Binance Research says that Facebook’s Libra could be a game-changer in the payments industry. In June 2019, the social media giant announced its plans to launch Libra, a digital currency that will be monitored by the Libra Association, a Swiss-based consortium of independent members. 

Libra has been hindered by regulatory issues and has been criticized by many. The new report, however, compared Libra to Elon Musk’s spaceflight company. Musk also faced high-entry obstacles during his initial venture, but SpaceX offered innovative and cost-saving technologies that later changed space travel. Libra promises to transform the payment industry similarly by addressing the limitations of central banks.

An excerpt from the report reads:

It is important to note that there are very few payment systems, and most of them are operated by a central bank and of only regional scope. Libra could thus do to payment systems, what SpaceX did to the space industry … shake the foundations of a well-established sector with high entry barriers. The mere advantage of issuing widely-available programmable money would already initiate manifold efficiency gains.

According to Cointelegraph, a Binance Research representative said that while new online money transfer services likeTransferwise have offered some payment innovations, they cannot offer everything that Libra can.

If Libra was to launch it would be Transferwise on steroids that caters to a large retail and business audience and could thus start a new wave of innovation and fundamentally change the current payments landscape.

Libra can impact financial inclusion if it opens access to third parties and adopts a user-friendly interface, according to the report. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum Classic bides time before the next upswing kicks in

ETC price is stuck in a tight range between two key Fibo levels on the 12H chart. Overbought conditions warrant caution but the coin defends key support so far. The 61.8% Fibonacci level of this month's surge at $127.20 is limiting any upside attempt in the spot. Ethereum classic awaits fresh impetus for the next direction.

More Ethereum Classic News

DOGE’s bullish potential appears limited amid overbought conditions

DOGE/USD eyes $0.80 amid a descending triangle breakout on the 4H chart. Overbought RSI remains a cause for concern for the DOGE bulls. Elon Musk’s Saturday Night Live appearance waited for fresh impetus.

More Dogecoin News

MATIC Price needs acceptance above $0.80 to resume uptrend towards $1

MATIC price is primed for another run towards the $1 mark. Bulls need to crack this key hurdle at $0.80 to take on the upside once again. Polygon wavers in a descending triangle with bullish RSI.

More MATIC News

Litecoin price enjoys steady uptrend, but beware of LTC warning signs

Litecoin price closes with a Doji candlestick, indicating an interruption in the trend. Significant Fibonacci level restraining rally from reaching the all-time high. Litecoin price on pace to close with fourth-largest weekly gain since September 2020 low.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP