Facebook announced its very own crypto currency Lybra on June, 18th. The highly awaited launch was announced on Tuesday with a vision of “Reinvent money. Transform the global economy. So people everywhere can live better lives.”
Inclusive globally, block chain technology is used for this crypto currency to build this secure scalable and reliable asset. It is said to be backed up by a reserve of assets that is going to help its value to be stable with the growth and fall of the market. Most importantly, Lybra will be independent of any government or bank. It will be governed by Libra Association which will be responsible for the currency.
With the release of Lybra, people will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system. The social media giant aims to make its currency widely accepted and easy to use. It focuses on inculcating Lybra in the public’s everyday lives.
The Lybra association is an independent, non profitable organization. Based on open source community, this scalable and stable organization has its headquarters in Geneva, Switzerland. The association collaborates with the global community and partners with policymakers to help further evolve this crypto currency environment.
Relaying Mastercard, Paypal, Visa, PayU and Stripe as their payment gateway partners, the newly launched currency has gained popular technology, marketplace and telecommunication partners like Spotify, Ebay, Uber and Vodafone.
As the organization aims for a wider audience, the fact that people are still reluctant to use crypto currency exists. The success of Lybra depends on the amount of trust it gains amongst its users. After the downfall of Bitcoins, it will be interesting to watch the growth rates of Lybra.