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Libra: Facebook is going to launch its cryptocurrency

The cryptocurrency of Facebook

The last April Mark Zuckerberg revealed the project on which they were working for a while in the skyscraper of Menlo Park. Its code name is GlobalCoin and it is the new cryptocurrency of Facebook.

“I believe that people should be able to exchange money between them as easy as sending a picture”.

The future of Facebook

The unification of Facebook, Instagram and Whatsapp, wanted by Zuckerberg and recently announced, will be improved even by the new platform for money exchange and by the virtual currency. A currency without boundaries, without geographic limits and international marketplaces and whitout fees.

Right like every other cryptocurrency, the new currency of Facebook, which official name could be Libra, promises to revolutionaze the economic exchanges of the future.

But the announcement of the digital currency arrives in an extremely difficult moment for the company and many wonder if Zuckerberg really knows what he’s doing. After the scandals of the last period, first of all Cambridge Analytica, the company would like to reshape itself in the name of transparency.

The cryptocurrency of Facebook
Mark Zuckerberg, founder of Facebook

But add on its own track a virtual currency will make opposite result. Furthermore, the transformation that is affecting the most famous social network of the world will have negative results even under the point of view of the incomes.

At the moment the 98,5% of the Facebook’s incomes come from the advertising, but its CEO wants to shake up its creation, by including the new arrived in tha family, Instagram and Whatsapp. The social networks by interacting between them will become a platform of private conversations and services.

All of it won’t be good not for the new policy in the name of transparency, either for the future incomes.


But this doesn’t seem to stop Zuckerberg that is going to officialize the release of his own cryptocurrency, which should be ready already next year.

The world of the cryptocurrencies is an unexplored territory surely not in the name of stability and transparency.

But the company has to regain the lost trust, so GlobalCoin will be a stable currency, focused on physical goods that will avoid its volatility that, instead, characterized the other virtual currencies.

GlobalCoin, the crytocurrency of Facebook
GlobalCoin is the project that wants to launch Libra, the new currency of Facebook

Therefore, for the launch of his currency Zuckerberg put together a very respectable group of partners, which support him and guarantee to enable the payment with GlobalCoin.

They are companies like Paypal, Booking, Visa, Mastercard and Uber. Furthermore, GlobalCoin will be available even in many physical shops.

The project wants to bring the mysterious world of the cryptocurrencies in the real world, of the real finance, but it arrives second, right after the announcement of the cryptocurrency of the financial colossus JpMorgan.

Looking for the launch of the cryptocurrency

The companies that support the project, Visa, Mastercard, Uber, Booking and Paypal, don’t olny regularise its future usage, but they became real investors of the project.

Each one of them will invest about 10 million of dollars. But it would seem that to better launch the cryptocurrency Zuckerberg is trying to collect about one billion of dollars.

By the way the agreements of the colossus of the technological world and the financial one aren’t known yet, but they should be revealed the 18th of June.

For tuesday, infact, is predicted the spreading of the details of the operations, about the project on which Facebook is, secretly, working for over a year. We should have to wait, instead, until the 2020 for the launch of Libra, the cryptocurrency of the social network.

The expectations are really high, it could really become the most popular virtual currency. Dont’ forget, infact, that Facebook can rely on special and reliable customers: about 2,38 billions of users that every day live their virtual life on the most famous social network of the world.

Finally, there is a last revelation, that would like to validate the reliability and the transparency of the project. It will be founded a consortium, the “Libra Association”, and Facebook won’t directly controll the currency.

This post is also available in: Italiano

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