What is Facebook Coin Libra?
Libra is a new cryptocurrency backed by Facebook. Users will exchange their fiat currency, such as the USD and EUR, for the Libra token on Facebook’s platform.
Facebook’s coin, Libra attempts to be a transaction method across Whatsapp, Instagram, Facebook and other Facebook’s partners such as Uber and MasterCard. They claim sending Libra money is going to be as easy as sending a photo. With that, they’re combining the idea of Bitcoin with Venmo, PayPal and Instagram to create a one-stop-shop for all your daily activity. Facebook will be holding on to your money, much like a central bank. That’s why it’s crucial that you trust Facebook to hold your money.
According to their White Paper, Libra is “a new kind of digital currency built on the foundation of blockchain technology. The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people.”
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