On Tuesday, Facebook and its partners unveiled its new cryptocurrency dubbed Libra coin that will transform how its over 2.38 billion users perceive the use of crypto to make purchases.
Libra to Bring “Unbanked” Individuals to the System
The project is offering a stable digital currency that expects to bring more unbanked individuals into the system. The Libra coin will be backed by stable financial assets and managed through a governing body. The coin is expected to make an entrance into the market in the first half of next year.
The Facebook coin could potentially change the global banking system, and although it is seen as a game changer, it will nonetheless face scrutiny because the social media giant is reeling in a series of privacy scandals. The coin comes at a time when Facebook’s growth is slowing, and thus, the Libra coin holds a huge potential of being a money-maker for the company.