Facebook to Unveil its Digital Coin Libra Next Week

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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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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