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Coinbase: “Libra Has the Potential to Introduce the Unique Benefits of Crypto to Millions”

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 exchange tweeted on Thursday that Libra has the potential to benefit millions of crypto users around the world.

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.

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.

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.”

You can access the updated white paper here.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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