Facebook has finally unveiled Libra its new project in partnership with 27 organizations around the world. It is governed by a non-profit global association called calibra.
These “Libra’s mission is to create a simple global financial infrastructure that empowers millions of people around the world,” wrote Zuckerberg in a post on Facebook.
Mobile money can be part of our lives as we don’t have to always carry cash, which can be insecure, or pay extra fees for transfers,” explained Zuckerberg. “And especially for people who don’t have access to traditional banks or financial services. We have billions of people who don’t have a bank account but do have a mobile phone.”
Libra’s main founding members include Mastercard, Paypal, Visa, and Stripe. Silicon Valley companies like Uber, Lyft, eBay, as well as venture capital firm Andreessen Horowitz.
Facebook says it hopes to reach 100 founding members before the official Libra launch. Membership is open to anyone with requirements including direct competitors like Google or Twitter. The association, based in Geneva, Switzerland, will meet biannually.
The Ideas behind Libra rests on a few elements and characteristics
The Mobile: It will be accessible to anyone with an entry-level smartphone and data connectivity.
The Stable: It is backed by a reserve made to keep its value stable.
And the Fast: Libra transactions are quick and easy no matter where you are sending, or spending, your money.
And For the world: It is a global cryptocurrency that will be available around the world.
The Secure: Libra is a cryptocurrency, built on a blockchain designed with security in mind.
According to The New York Times Times, Facebook has sky-high hopes that Libra about Libra revolutionizing the financial system and not controlled by today’s power brokers on Wall Street or central banks.
David Marcus of Facebook stated, “This is something that could be a profound change for the entire world.”
The main reason for creating Libra is to have a dedicated, regulated entity with strong privacy commitments. We will have the same governance rights as any other member.”
The first clear point before anything is that there is a fellowship of great minds gathering to make the world a better place. The obvious is that Facebook might be the biggest company ever if all these go through.