Facebook to Unveil its Digital Coin Libra Next Week - Forex News by FX Leaders

Facebook to Unveil its Digital Coin Libra Next Week

Posted Friday, June 14, 2019 by
Arslan Butt • 1 min read

According to a report on Wall Street Journal, Facebook’s new cryptocurrency Libra is all set to launch next week. Visa, Mastercard, PayPal and Uber are some of the leading companies that are set to back Libra.

Companies in financial services, e-commerce and telecom as well as venture capital firms will invest around $10 million each and form a consortium to govern Facebook’s digital currency. The capital will create the cryptocurrency, Libra, which will be pegged to leading fiat currencies worldwide.

The digital coin can then be used by Facebook users to send and receive payments, and make purchases around the world. Members of the consortium can serve as nodes to verify transactions and come together towards creating a brand-new global payments network.

The social networking giant is set to release its whitepaper announcing the digital coin sometime next week.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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