The great name in the world of Social media, Facebook is nearing its launch of “Libra Association.” The most talked about cryptocurrency project that took beyond a year to get ready. As per the reports it is going to be unveiled on the 18th of June. In the same event, they will also launch Testnet to get feedback on the project that will help them to direct the project in the future.
The Libra association will oversee Libra the most speculated cryptocurrency of the crypto era that will serve millions of people as a global currency. As per the reports, Libra will be supported by significant partners like MasterCard, Uber, and Visa. The cryptocurrency will also be linked to online facilities like PayPal, Uber, Booking.com, and Stripe.
As per the reports, each member will invest $10 million and will become the member of “Libra Association.” The association will work as an autonomous association that will oversee the coin sovereign of Facebook. These companies willingly got associated, seeing the immense popularity of Facebook and future adoption that Libra may get because of its popularity. They also can keep an eye on the digital payment ambition of the platform.
Although Libra will be unveiled on 18th June the actual launch will take place in 2020. It will work as a stablecoin, which means it will be pegged with various fiat currencies across the globe. Blockchain of Libra will be opened sourced under Apache 2.0.
Libra is $1 billion projects of Facebook. It is anticipated to help 2.4 billion users of Facebook to cross broader transactions. The crypto coin will also help the user to purchase goods on the internet and transference of currency lacking the need of a bank.
The major Latin American marketplace Mercado Libre will also be working on the Libra project of Facebook. An executive of Mercado Libre has told they will be integrating Libra on their e-commerce platform for the payment purpose. The anonymous executive has also confirmed that they will be working as a node in the libra blockchain.
Mercado Libre operates in nineteen different countries and is a popular ecommerce platform in Latin America.