One of Facebook's efforts to increase its profits, after the privacy scandals that the Cambridge Analytica disclosure unleashed, has been to be an intermediary for payments and money exchanges. While PayPal co-founder (Peter Thiel) is in the board of directors of Facebook, it is not exactly an online payment platform that the technology giant is aiming for.
Libra, a new cryptocurrency that is naturally potentiated by blockchain technology, would be Facebook's great initiative to solve its future in future years. While it is not the best or most interesting cryptocurrency, it would be the first large-scale effort and backed by other titans such as Uber, Visa, MasterCard, Lyft, Coinbase, MercadoPago, PayPal, eBay, Spotify and Stripe.
We read in Hypertextual more about it:
“La misión de Libra es hacer posible una moneda sencilla y global, así como una infraestructura financiera que empodere a miles de millones de personas”, aseguran desde la compañía. Para ello cuenta con el apoyo de decenas de empresas de renombre alrededor del mundo, que they are expected to exceed one hundred by the time it is launched, que tendrá lugar en la primera mitad de 2020. Es “una combinación de dinero, justicia y libertad”, apuntan, tal y como recoge Wired, haciendo referencia a “la antigua unidad de medida romana, el símbolo astrológico que representa la balanza de la justicia y su parecido fonético con el ‘libre’ francés”.
While Libra is the name of the new currency, being regulated by notable investments from the aforementioned partners and others, Facebook would gain economically by promoting it as a (literally) currency as if it were the peso or dollar, to be acquired with money real and used for payments in the main app, Messenger, Instagram and WhatsApp.
The most obvious application would be to use Instagram as a sales platform for businesses and be an intermediary that suggests using Libra for some kind of discount.
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Still, the ace up Facebook's sleeve is the app Calibrate, a virtual wallet to make use of the pounds acquired.
[…] What we have to understand about Libra, Facebook's cryptocurrency […]