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Facebook Wasting No Time Developing Recently Announced Libra Coin

Libra coin

Libra coin

Last week, the world received highly anticipated news. After the story circulated through the media ranks for months, Facebook finally confirmed it. Yes, the social media giant has moved into the crypto market, rolling out a cryptocurrency called the Libra coin. While a new venture for the company, Facebook is wasting no time jumping in.

Here’s the latest happening with Facebook and the Libra coin.

Facebook’s Libra Coin Needs Data Engineers

This week, Facebook posted a job description indicating that it’s looking for a data engineer to work at Calibra wallet, which is an app in development for the Libra coin. Of course, this is not the first time Facebook has ventured out looking for new Calibra employes. Two days after unveiling the Libra coin, Facebook posted that it’s looking for a finance program manager for Calibra wallet.

Now, this news is significant for two reasons. In these job descriptions, Facebook hints at future plans for the Libra coin, the Calibra wallet, as well as its involvement in the banking and financial services industry.

“The wallet will be the delivery vehicle for many financial services starting with personal payments, but expanding to online and offline commerce and eventually lending and personal financial management.”

>> Bitcoin Price Crosses the $11K Mark for the First Time Since March 2018

The initial news of the Libra coin is significant as well, considering it has reignited the public’s interest in the industry, sending the Bitcoin price past $11,000 for the first time since March of last year. It has also sent FB stock into the green. At the time of writing, FB stock is trading at $192.96, which puts it up 0.96%.


What do you think about Facebook’s Libra coin? Were you surprised by last week’s revealing? Did you think the company would be moving as fast with the cryptocurrency as it appears to be from these job postings?

Let us know your thoughts in the comments below!

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Binance in Discussions with Facebook Over Libra Coin

Libra Coin

Libra Coin

According to CoinTelegraph, one of the world’s largest crypto exchanges, Binance, is in “official” talks with Facebook regarding the latter’s new Libra coin.

The exchange’s strategy officer, Gin Chao, told BlockTV yesterday that the company is “very excited” about the Libra project.

What we know so far, according to Chao, is that the talks “have largely focused on dealing with infrastructure.”

Binance and Libra Coin

While the pair’s discussions are in the early stages, it seems Binance is not holding back its desire to work with Libra “as much as [it] can.”

Chao continued:

“I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news.”

In a separate interview, the strategist gave more details on the likelihood of Facebook’s Libra listing on Binance:

“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange. It would also be in their interest to list on other exchanges as well and that’s probably going to happen. So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”

And further, he said that Binance would be enthusiastic about becoming a validator node on the Libra network.

Facebook’s Libra Coin

Facebook announced its new cryptocurrency called Libra last week. Rumors about its existence were rife for over a year, however.

According to the Whitepaper, the objective of the coin is simple; users can send money via the internet all over the world faster and with lower fees than standard banking. It also aims to incorporate the 1.7 billion people around the world who don’t have a bank account or a line of credit.

Libra differs in several ways to traditional cryptocurrencies. One of the most interesting facts of Facebook’s currency is that it is more “stable” than regular cryptos. Facebook sought to create a coin that could facilitate every-day online consumer transactions and has done this by “backing all its issued digital currency by a reserve.”

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According to Digitaltrends:

“Founding Members are required to pool money into the reserve, with the prospect of a return on their investment via dividends from low-yield investment of the reserve’s assets.”

With Libra coin only announced, it’s official launch is not expected until sometime in the first half of 2020.

Featured Image: DepositPhotos © Shawn.ccf

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Facebook Enters the Crypto Space with Libra Coin

Libra Coin

Libra Coin

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.

The move by Facebook is seen as a way the social media giant wants to make a mark in the daily lives of users. If the company succeeds to convince more users to start using Libra, it could potentially draw new users who will spend more time online, thus generating more revenue outside of advertising (advertising currently makes up close to 99% of Facebook’s sales, which were $15 billion in Q1 2019).

>> Litecoin (LTC) is the Top Altcoin Performer in 2019: Gains Keep Coming

Facebook is doubling down on its private spaces, and it plans to make it easier for users to send messages without switching between WhatsApp, Messenger, and Instagram. Its digital wallet Calibra will be incorporated into WhatsApp and Messenger for storage of Libra.

Facebook has to Contend with Privacy Issues

However, Facebook faces a challenge as it is dealing with many issues following a number of privacy scandals. The company has alarmed lawmakers with its use of the data that it collects from its users for advertisement targeting.

Shortly after the launch of Libra, US lawmakers quickly raised privacy concerns about the coin, but Facebook has indicated that Calibra data will be kept differently than current Facebook data.

Featured image: DepositPhotos © Shawn.ccf

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