One of the biggest disruptions to the crypto space this year has been the announcement of Libra from the tech giant Facebook (NASDAQ:FB) back in July. The white paper published by the company about its cryptocurrency resulted in a lot of chaos and eventually led to turmoil in the crypto market as lawmakers expressed their doubts about Libra quite vehemently.
The company was asked to clarify several aspects of the Libra project to United States senators. In a report by one of the leading business publications, the company told Senators yesterday that the token is going to be a form of stablecoin. Unlike a traditional cryptocurrency, it is going to be backed by an algorithm, a currency, or even a commodity.