Facebook launches cryptocurrency

Facebook's parent and its partners are looking to get out of the troubled cryptocurrency project, according to a report. It may be the end of the day for Diem, Meta's troubled cryptocurrency. Facebook parent Meta and its partners in the Diem Association are reportedly pulling the plug on the yet-to-launch cryptocurrency project amid growing resistance from regulators. Earlier this week, Bloomberg reported that the association, which oversees the digital currency, is considering a sale of its assets in order to return capital to its members. Discussions are still early , the news service reported, and are focused on how a sale of its intellectual property might work and where the engineers who developed Diem might find jobs.

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WATCH RELATED VIDEO: Facebook Launches Cryptocurrency, Libra - NBC News Now

EU considers launching its own version of bitcoin

New payment system will support peer-to-peer payments as well as some other ways to pay for goods and services. Facebook has finally revealed details of its cryptocurrency Libra, which will let users buy things or send money to people using their smartphones.

The social media giant hopes its offering, which is backed by companies including Visa, Mastercard and PayPal, will primarily appeal to the 1. The unique currency, along with an e-wallet Calibra, will be launched next year in Facebook's first foray into the world of digital currencies.

Libra is the name of the new digital Facebook is backing which will launch in , and once in circulation will be used to buy service digitally from a user's smartphone. The digital currency will be stored in a digital wallet called Calibra, a standalone app on a user's smartphone or housed within Facebook-owned services such as WhatsApp and Messenger. It has been backed by Visa and Mastercard, as well as businesses such as Uber, Spotify and eBay meaning eventually users will be able to use the currency to pay for almost anything from their weekly shopping to an Uber journey or their Spotify subscription.

Cryptocurrencies are entirely digital forms of money which use encryption to carry out transactions securely and in many cases anonymously between two parties, which many argue make it more secure against fraud. A key benefit of cryptocurrency is also that they are decentralised, meaning that no one entity controls the currency in contrast to how a central bank controls traditional currency.

The currencies are often built on blockchain networks, a type of digital ledger technology where all transactions are publicly verified and recorded and can not be altered - creating a chain of information and improving transparency.

The two biggest issues for cryptocurrency so far, Facebook argues, have been scalability and volatility. Bitcoin, for example, has seen its price fluctuate violently in recent years as its price is linked to supply and demand. However, Libra is to be backed by a reserve of assets - including linking it to several international currencies - from a number of central banks in order to keep its pricing stable.

The developers have said that launching it through Facebook apps will also make it immediately accessible to more than two billion people globally - the number who use a Facebook app each month. When the Calibra wallet for Libra launches, those wishing to use it will need to sign up for an account using a government-issued ID.

Users will then be able to convert their money into Libra and add it to their digital wallet. Once in place, the currency can be used to pay for "everyday transactions, like buying a coffee, buying groceries, or taking public transportation".

Facebook said initially the new payment system will support peer-to-peer payments between individuals, as well as some other ways to pay for goods and services - for example by scanning a QR code. The system will eventually be expanded to include integration into point-of-sale systems in stores, which would allow in-store payments that would work in a similar fashion to paying with a debit or credit card or using contactless.

Because it will also be built into WhatsApp and Facebook Messenger, users will also be able to send and receive money between their friends and families just by sending them a message.

Still being finalised in its development, the full system of Libra and its Calibra digital wallet is expected to launch next year. By Martyn Landi, PA. Video Loading Video Unavailable. Click to play Tap to play. The video will auto-play soon 8 Cancel Play now. Keep up to date with the latest stories with our twice daily WalesOnline newsletter Invalid Email Something went wrong, please try again later. Sign up now We use your sign-up to provide content in ways you've consented to and to improve our understanding of you.

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More info. Thank you for subscribing We have more newsletters Show me See our privacy notice. What is Libra? How does cryptocurrency work?

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Facebook Announces New Cryptocurrency Payment Product

Facebook announced last week that their digital payments platform, Novi, is nearly ready to launch across multiple states, having passed regulatory checks. Novi will use a stable cryptocurrency called Diem to launch payments across borders for the 2. Just a couple of years ago, Facebook tried to launch a cryptocurrency called Libra, and regulators shot it down for fears of money laundering and lack of government oversite. So how have things changed now, that a company that the FTC is resuing for alleged monopolistic practices can launch a crypto payments system and branch off into finance? Regulators have switched over to a new administration that is more skeptical but more willing to talk, and in the past year, acceptance toward cryptocurrencies has grown, he said. Like Coinbase partner Circle, multiple large firms are working toward their system replacing the US dollar, he said.

Diem, formally known as Libra, is an upcoming global payments network that is expected to launch in The Diem Network will operate using the Diem.

What you need to know about Facebook’s Diem cryptocurrency

Remember when Facebook started talking about launching its own crypto coin two years ago called Libra and everyone balked and then it kind of went away? Well, it didn't totally go away, it's now called Diem, and the project is still moving forward toward a launch. Libra began as a very ambitious project, with alleged backers that included Visa, Mastercard, Paypal, Uber, eBay, and Coinbase. The idea was for a so-called "stablecoin" that was tied to the U. That was how it was all announced back in June , but by the fall of that year, Visa, eBay, Mastercard, and other big backers were all announcing their exits from the Libra Association. It's hardly been easy from a political or PR standpoint for Facebook to launch much of anything in the past few years, and the world is rightly skeptical of pretty much anything the company plots. But now that crypto coins are all the rage again, the Associated Press reports that Facebook's coin, and the renamed Diem Association, are still aiming to launch the currency this year, and they've moved the Association's base of operations out of Switzerland, to the U. The name change apparently occurred quietly back in December, and the project has been scaled back considerably. Still, the Diem Association has 25 companies associated with it, including Uber, Lyft, and Shopify, and blockchain firm Coinbase remains onboard. Venture capital firms Andreessen Horowitz, Breakthrough Initiatives, and Thrive Capital are all in the consortium as well.

Facebook's new Libra coin cryptocurrency explained

facebook launches cryptocurrency

VentureBeat Homepage. Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream. The news captured international media attention and has dominated headlines for more than two weeks since the official announcement.

Marcus announced over Twitter yesterday that he is leaving the company. Here are the five chapters in the life of Diem so far.

Facebook launches a cryptocurrency called Libra

Diem formerly known as Libra was a permissioned blockchain -based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also includes a private currency implemented as a cryptocurrency. The launch was originally planned to be in , [3] [4] but only rudimentary experimental code has been released until the project was abandoned in January The project, currency and transactions would have been managed and cryptographically entrusted to the Diem Association, a membership organization of companies from payment , technology, telecommunication , online marketplace and venture capital , and nonprofits. Before December , the project was called "Libra". Though this was changed to Diem following legal challenges regarding its name and logo.

What Congress Should Ask About Facebook’s New Cryptocurrency

Facebook and the Diem Association are planning to launch a new cryptocurrency in early Here's what to expect. Facebook is planning to launch its cryptocurrency, Diem, in early Though precise details and an exact release date are still unknown, most of the project's plans have been made official. Here's what we know so far.

Investing in the metaverse The spike in mana came just a few days after Facebook (FB) announced it is rebranding to Meta as part of its focus.

Facebook's cryptocurrency, Libra, on track for launch in 2021

Originally named Libra, the crypto coin was initially planned to be backed by a basket of currencies, but under pressure from regulators narrowed its ambition to assuming the status of a stablecoin, backed one-to-one by US dollars. They are braced for action from regulators, who have shown an increasing interest in stablecoins and other crypto assets of late. They are most concerned about their ability to destabilize the financial system if there is a sudden run on withdrawals.

Diem (digital currency)

RELATED VIDEO: How the Facebook digital currency dream has changed - CNBC Reports

On June 18, , Facebook announced it would soon be offering its own payment system based on a cryptocurrency called Libra. Since then, speculation—some of it rather anxious—has been crackling over what this would mean for the target developing countries, the banking system here, and the already incredible power of Facebook. Inevitably, these companies will put their private interests—profits and influence—ahead of public ones. Facebook estimates that it will launch the program in early In its official white paper, the Libra Association hopes to have about members by the time of the launch. Financial industries are more carefully regulated than internet companies in the United States, and the AP writers point to the warning of Karen Shaw Petrou, managing partner of Federal Financial Analytics in Washington, D.

The following post contains a number of questions that policymakers should consider asking during these hearings.

Facebook's Cryptocurrency Dreams Are Not Dead; Diem Expected to Launch This Year

Facebook has made progress in launching its own cryptocurrency, it has been revealed. The initiative has been officially titled Project Libra, a trademark the company has been seeking since June which has now been awarded. The aim is for Facebook to have its own payment network with a native stablecoin. Project Libra has officially started work and Facebook is said to be building relationships with several merchants and payment processors, with reports that it is in talks with companies including Visa, Mastercard and First Data. Earlier this year, it was reported the currency would be traded on popular messaging platform WhatsApp to enable the transfer of wealth internationally.

Facebook launches a cryptocurrency and a wallet. Game over or… game on?

Diem, formally known as Libra, is an upcoming global payments network that is expected to launch in The Diem Network will operate using the Diem Blockchain, a new blockchain designed to be highly scalable, secure and flexible. According to its whitepaper , the mission of the project is to develop a financial infrastructure that "empowers billions of people. The project was first announced in June as a single global currency backed by a reserve of assets.

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