Facebook’s crypto project Libra has been one of the most talked-about projects in financial circles across the globe. Libra has attracted the most polarizing views for any crypto project in history, and the future, you like it or not, cannot be without the social media giant’s crypto adventure. Though it has been criticized heavily by several industry pundits, it has also found an equal number of strong supporters.
One such voice in favor of Libra has turned out to be that of the leading crypto exchange Coinbase. The crypto exchange tweeted on Thursday that Libra has the potential to benefit millions of crypto users around the world.
Libra has the potential to introduce the unique benefits of crypto to millions more people around the world, and the Libra Association continues to make progress on that front with today's update. https://t.co/pPTNBBvxFS
— Coinbase (@coinbase) April 16, 2020
Libra Foundation recently updated the Libra White Paper to reflect key design changes to its payment system. The tweet also mentioned that they had initiated a licensing process for the formal payments system with FINMA.
We have initiated the formal payment system licensing process with @FINMA_media and updated our white paper to reflect key design changes to the Libra payment system. https://t.co/jiGnufzOtj#FinancialInclusion #TechforGood pic.twitter.com/1zdwoalG8I
— Libra (@Libra_) April 16, 2020
In a Twitter thread posted on Thursday, Facebook’s Libra Head David Marcus stated that the Libra Foundation is now funded by its partners, with less than 10% funding coming from Facebook. “We will collectively continue to work as hard as we can to enable people and businesses to send and receive money globally as easily as it is to send a text message and at a much lower cost,” he said.
Excited with the progress of @Libra_ in the last 9 months. I keep on thinking about all the people and small businesses that could benefit from the Libra Network already being operational — especially now during these times of unprecedented hardship. 1/8
— David Marcus (@davidmarcus) April 16, 2020
At the beginning of the updated white paper, it is mentioned that the one published in April is intended to be a stand-alone regarding the plans of the association.
“The Association has made changes to its initial approach, many of which depart from the approaches taken by other blockchain projects. The Association’s goal was never to emulate other systems, but rather to leverage the innovative approach of using distributed governance through Association Members and distributed technology to create an open and trustworthy system.”