, 9 tweets, 2 min read Read on Twitter
Facebook Launches its Own Cryptocurrency with 'Libra' coin - Wants its 2 Billion worldwide users to use the coin, instead of sovereign state currencies po.st/Xp2kMw
Facebook says its new cryptocurrency will deliver a stable virtual money that lives on smartphones & could bring over a billion "unbanked" people into its financial system.

Facebook will target the world's poor first, as they believe they don't have access to traditional banks
The Facebook cryptocurrency is being backed by the Libra Association which debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking.
Each Libra partner invested $10 million in the venture. Libra learned from the many other cryptocurrencies that have preceded it such as bitcoin and is designed to avoid the roller-coaster valuations that have attracted speculation and caused ruin.
Unlike other cyptocurrenicies, Facebook's Libra will be backed by a basket of real world currencies which will form a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators
The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel.
The non-profit Libra Association based in Geneva will oversee the blockchain-based coin, maintaining a real-world asset reserve to keep its value stable.
Facebook is also developing a Libra digital wallet called Calibra, which will enable the crytocurrency to be accessible on smartphones. It's also being built into Facebook's Messenger & WhatsApp to let users send Libra as easily as they might fire off a text message
Facebook claims it will not make money off of Libra and that sensitive financial info from Calibra will be kept separately from Facebook and secure.
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