Report Shows Facebook Ready To Roll Out a “Libra Association” And Launch Coin Testnet

  • Facebook could unveil its crypto project as soon as June 18
  • Facebook has been working on a blockchain and a crypto project over the last year
     

Facebook could soon launch a testnet of if cryptocurrency and blockchain network allegedly called Libra. The social media giant is also expected to unveil the Libra Association that will be operating the Libra digital asset. The information was released by The Block on June 14.

Facebook To Release Testnet And Libra Association

According to the report, Facebook and several partners would be unveiling the Libra Association, which is going to be based in Geneva. This entity is going to oversee the company’s Libra cryptocurrency project. It is worth mentioning that the company is expected to launch the testnet of its blockchain as well.

The report released by The Block says that they have seen an unspecified blog post from Facebook that informed that the digital currency would be hosted on the Libra Blockchain and backed by the Libra Reserve.

As reported many times before, the digital currency could be backed by fiat currencies from different countries in order for the stablecoin released by Facebook to have a stable value. As per the Facebook post, the Libra Reserve is a store of real assets that should grant the token stability, low inflation, acceptance globally and fungibility.

The Block explains that the software behind Facebook’s digital currency will be open-sourced under the Apache 2.0 license.

This new blockchain network and project is expected to help individuals that do not have access to the financial world or the banking system. The company has also mentioned that they want to be focused on regulatory compliance. About this issue, the report mentioned:

“Collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”

As reported by TechCrunch, Facebook is expected to release the white paper of their digital asset and blockchain network on June 18.

Moreover, The Wall Street Journal (WSJ) revealed that there are several companies that will be investing $10 million each in order to be part of the Libra network. Among these companies, we find MercadoLibre, Uber, Visa, MasterCard and PayPal, among others.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kraken Exchange Onboards Swiss Bank InCore to Help Euro Clients Buy Crypto With Fiat

Swiss Bank InCore has just become the first banking institution in the nation to provide banking services to Kraken crypto exchange. The deal, which was...

Bank Of Japan (BoJ) Launches ‘Technical' Study to Experimenting CBDCs

The race to launch a sovereign digital currency is heating up as Japan became the latest country to venture into a central bank digital...

This Top Coin, Being the Worst Performer of 2020, Is A Disappointment to the Crypto Market

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in green by 1.66%, like the majority of the market. With 8.61% losses In...

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper....

Crypto Hardware Wallet Ledger: ‘Funds are Safe' After ‘BigSpender' Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today