The Federal Reserve and the mighty US dollar could one day be challenged by Facebook and its global crypto ambitions, through the issuance of the Facebook Coin named Libra. Stable, borderless and with a massive user base as well as an established platform, could propel and transform Facebook from social media giant to crypto king of the world.
News and rumors are swirling around about Facebook’s most secretive “Libra project”, for which it’s raising $1 billion to issue its own Facebook Coin that will be conveniently available across Facebook’s three social media platforms Facebook, Instagram and WhatsApp. While this may not come as a surprise to many, the big questions are the when, the how and the why.
After all, Facebook has a massive 2.2 billion users, and when adding Instagram and WhatsApp, the user base grows to an astronomical 2.7 billion in total. If Facebook were a country, it would be by far the biggest in the world, bigger than the populations of China and India combined. And this is exactly what Facebook is trying to achieve, to use its massive user base, geographical spread and global brand recognition to create a new ecosystem and more importantly, its own digital money.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have…
