Facebook planted the seeds about the idea of cryptocurrency in blockchain last May 2019. Later the idea evolved with libra coin and formation of libra Association. Facebook initiated the idea of libra cryptocurrency to explore in the field of financial services to provide a better and boarder less service across the globe.
Moving forward in the mission for a better prosperous world, Facebook joined hands with several big names. Initially, along with Facebook, the libra Association started with PayPal, stripe, eBay, Visa and Mastercard and more telecommunication and financial services.
Thus with 27 members, libra Association decided to have Switzerland as their base. Initiatives were taken to set out the rules and regulations of the council and other policies of the association in the inaugural meeting.
There were different opinions expressed among the people regarding the libra Association. The information about Facebook selling personal data is a major set back in this initiation. People were worried about the security of their financial data.
Later PayPal withdrew from the association. Few days before the inauguration visa, mastercard, Mercado Pago announced that they no longer the members of libra Association. Following them, bookings holdings left the association.
However, others like Coinbase, Creative Destruction Lab, Farfetch, Lliad, Kiva Micro funds, Lyft, Mercy Corps, Ribbit Capital, Spotify and rest of the members decided to stay with the association. PayU is the only payment processor that decided to stay with libra Association. As of, February 2020 Shopify joined hands with Libra association.
Facebook decided to take to lead with Facebook executive David Marcus with five board members. The council members are Andreessen Horowitz general partner Katie Haun, PayU general counsel Patrick Ellis, Kiva chief strategy officer Matthew Davie and Xapo CEO Wences Cesares.
In the meeting that held in Geneva, the members discussed various terms and conditions of the association which included a selection of board members and the process of voting.
Each member has the right to vote. One-third of the votes will be taken into consideration when it comes to eliminate or add members to the members of the association.
The association recently launched a white paper, in which they explained about the stable coin and the role of the stable coin in the market. Check out this article to know more about the Stable coin.
As the latest update, Facebook launched Facebook financial which will serve as a medium to look after all the financial dealings of the association. Marcus will lead this new financial outline.
Facebook made a strong statement after taking over WhatsApp and Instagram. This step by Facebook made people realise that stronghold that Facebook has upon the social media market.
Check out the following links to know more about bitcoin, Libra association and the stable coin.
https://news.bitcoin.com/facebook-libra-new-cryptocurrency/
https://www.theblockcrypto.com/linked/74207/fed-brainard-stablecoins-stability-money
https://fortune.com/2020/08/10/china-digital-currency-electronic-yuan-bitcoin-cryptocurrency/
Conclusion :
With the growing marketing strategies towards digital marketing. Facebook can make a big change if it succeeds with the cryptocurrency.
