Tags: facebook | cryptocurrency | launch | block chain

Facebook Plans June 18 Launch of Cryptocurrency

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Facebook plans a cryptocurrency-based payment system that it could launch for its billions of users worldwide. The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin's value stable. (Richard Drew/AP)

By    |   Friday, 07 June 2019 01:29 PM

Facebook will enter the digital currency industry later this month, as TechCrunch reports the company plans to unveil its new cryptocurrency, codenamed Libra, on June 18.

Facebook’s head of financial services and payment partnerships for Northern Europe, Laura McCracken, told the German business magazine WirtschaftsWoche that the company is planning a “stablecoin,” that will be connected to a variety of currencies instead of just one, to guard against volatility, according to the blockchain news outlet CoinDesk.

Facebook will release a white paper detailing the mechanics of the currency on June 18.

Sebastian Kirsch, who interviewed McCracken for the magazine, told TechCrunch: “I met Laura at Money2020 Europe in Amsterdam on Tuesday” following a talk by Facebook payments exec Paulette Rowe. “She told me that she wasn’t involved in what David Marcus’ [Facebook Blockchain] team was doing. But that I’d have to wait until June 18th when a whitepaper was supposed to be published to get more details.”

TechCrunch also stated that GlobalCoin won’t be the final name despite a report from the BBC, noting that Facebook recently registered a company called Libra Networks in Switzerland. Libra is an ancient Roman unit of measurement used to weigh precious metal used as currency, and is a precursor to the British pound.

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Facebook will enter the digital currency industry later this month, as TechCrunch reports the company plans to unveil its new cryptocurrency, codenamed Libra, on June 18.
facebook, cryptocurrency, launch, block chain
210
2019-29-07
Friday, 07 June 2019 01:29 PM
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