- 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.