Facebook cryptocurrency partners revealed! Facebook has quietly been building and fleshing out its cryptocurrency plans for over a year. In that year, it seems like Facebook hasn’t wasted any time! Some of its partners are prominent companies across retail, payments, and technology. What do you think of the List or Facebook Cryptocurrency partners?
The Libra Association will govern Facebook Cruptocurrency – the association is a consortium of firms like Visa, Mastercard, and PayPal. Other firms not previously known to be involved including investors such as Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, and non-profits including Mercy Corps will also be involved in The Libra Association.
Calibra, a subsidiary of Facebook, was formed to oversee the social media giant’s cruptocurrency efforts.
A source familiar with the situation has said that Facebook will charge each member $10 million dollars to manage their own node – this will allow members to access and view the network. Facebook had tried to get Wall Street involved, but there was lackluster interest from the likes of Goldman Sachs and JP Morgan. The goal is to have 100 members in The Libra Association.
If Facebook is successful in netting 100 customers, then they could net a cool $1 billion from the 100 companies. Each of these node operators would get a seat in the Libra Association, and would be able to send a representative to the Consortium.
Last month, Facebook registered Libra Networks LLC in Geneva, Switzerland, where it is currently working on blockchain developments. BBC broke the news that they’re looking for a Q1 2020 launch of the Facebook Stablecoin. There are plans to test the coin later this year in a “dozen” countries.
Rumors on the street imply a white paper launch later this month – we’ve got 15 days left in this month. Hopefully those rumors prove truthful. Blockchain job ads have also been posted, with additional openings having advertised just this week.
Plans for the crypto token include payment remittance via its messaging apps, including WhatsApp, a globally popular messaging app.
While a white paper hasn’t been published, regulatory concerns have already been raised. US senators on the Banking Committee addressed an open letter to Mark Zuckerberg, the founder of Facebook, inquiring as to how exactly the coin would work.
The CFTC has also told the Financial Times that it was in early talks with Facebook – however, they stressed that no formal application had yet been submitted. CFTC Commissioner Christopher Giancarlo said that the body is still considering whether or not the Facebook Crypto would fall under the agency’s jurisdiction.
Below are the companies and their areas that are associated with The Libra Association.
Blockchain Companies:
Coinbase
BisonTrails
E-commerce Companies:
Ebay
Mercado Pago (MercadoLibre)
Farfetch
Investment Companies:
Andreessen Horowitz
Union Square Ventures
Creative Destruction Lab
Ribbit Capital
Nonprofit Corporations:
Women’s World Banking
Kiva
Mercy Corps
Payment Companies:
Visa
Stripe
PayPal
PayU
Mastercard
Ride-share Companies:
Lyft
Uber
Social Media Companies:
Facebook (Calibra) – subsidiary Facebook created for Libra
Telecommunication Companies:
Vodafone
Illiad
Booking Holdings
What do you think? Do you plan on using Facebook’s crypto? Let us know what you think on our Facebook page!
