Facebook libra meaning

Facebook is unveiling a digital currency called Libra as the company seeks to make its ads more valuable by enabling smoother transactions and payments online, particularly among those without credit cards or bank accounts. Libra will use the same security and record-keeping principles as Bitcoin, the most popular digital currency system today. But unlike Bitcoin, Libra is backed by several traditional financial companies, including PayPal, Visa and Mastercard, and will base its value on multiple real-world currencies such as the US dollar and the euro. Cryptocurrencies exist not as physical bills or coins but rather as lines of digitally signed computer code. Records are typically kept on ledgers known as blockchain.

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Content:

• ‘Crypto stablecoins may face bottlenecks’
• Facebook’s Cryptocurrency Libra
• Facebook's Libra currency abandoned by major financial companies
• Facebook’s Libra: Much more than cool technology
• Will Libra Tip the Scales in Facebook’s Favour?
• Libra: What is Facebook's new cryptocurrency and can we trust it?
• AP Explains: Behind Libra, Facebook's new digital currency
• Shopify Joins Facebook-Backed Libra Association Cryptocurrency Collective
• Libra Project: Regulators Act on Global Stablecoins

WATCH RELATED VIDEO: What is Libra, Facebook's cryptocurrency project?

‘Crypto stablecoins may face bottlenecks’

Simply put, Facebook entering into an industry that prides privacy seems somewhat ironic. But what is the endgame for Zuckerberg et al? It seems as though the definition of what Facebook actually is ever-changing, with privacy now being a core focus.

Rather than a social network, Facebook seems to be becoming a network of platforms — including Instagram, WhatsApp, and Messenger. So, it makes sense that this new focus would coincide with the release of Libra and the corresponding payment wallet, Calibra. With an in-built cryptocurrency, Facebook could theoretically start competing with PayPal and Amazon by being able to account for every single pound spent, following the consumer throughout their journey.

With no need to switch platforms, your customers could see an ad and purchase the product without ever leaving the platform — thereby allowing businesses the opportunity to reap the benefits of this enhanced data collection. But India and South Africa, among others, have been using a mobile banking service called M-Pesa for years.

Although this altruistic idea is admirable, Facebook will still be making money from transactions, although this is unlikely to be coming from peer-to-peer transactions. Rather, businesses will be charged a small amount for every payment that is made with Libra. However, it is hard to ignore the pure data that will be surely be a huge boon for them and their advertisers. There are a few well-known names that make up the Libra Foundation, a group of companies and non-profits that will take care of the currency together via a foundation in Switzerland.

If all users sign for a Calibra wallet, there will be no disconnect between ads seen on Facebook and purchases made through those ads. This is an attractive prospect for businesses and digital marketers as it offers a unified approach from consumer to purchase and beyond, with opportunities for remarketing made more tangible due to the closed loop of data that is being collected.

Well, the Libra Association is made up of many businesses with better reputations that Facebook in terms of privacy. The association defines Facebook as having the same weight as every other voting party, meaning the social media giant will not have ownership over the cryptocurrency itself or the associated wallet. Calibra is also an entirely separate company from Facebook. Moreover, if a user does not want to use Calibra, they will be able to use another wallet to transact.

One of the biggest draws for small businesses will be the opportunity to sell across borders and currencies without discrepancies between them. The differences in value of these currencies can be ironed out in the wallet. Of course, with eighteen months until it launches and still many questions to be answered, it remains to be seen whether this will be a gamechanger for businesses that sink a lot of their budget into social media — both in terms of advertising and ecommerce.

Harnessing Paid Social advert formats, innovative targeting capabilities and transparent reporting processes. LinkedIn has rolled out Matched Audiences which is a set of targeting capabilities including retargeting, account targeting and contact targeting. Kira Hawker Posted on 22nd Jul A new focus for Facebook But what is the endgame for Zuckerberg et al?

What is the benefit for business? We remain to be convinced — let us know your thoughts! Read More View All Posts. Contact Get in touch. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. However, you may visit "Cookie Settings" to provide a controlled consent. Cookie Settings Accept All.

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Facebook’s Cryptocurrency Libra

NEW YORK AP — Facebook is unveiling a digital currency called Libra as the company seeks to make its ads more valuable by enabling smoother transactions and payments online, particularly among those without credit cards or bank accounts. Libra will use the same security and record-keeping principles as Bitcoin, the most popular digital currency system today. But unlike Bitcoin, Libra is backed by several traditional financial companies, including PayPal, Visa and Mastercard, and will base its value on multiple real-world currencies such as the U. Cryptocurrencies exist not as physical bills or coins but rather as lines of digitally signed computer code. Records are typically kept on ledgers known as blockchain.

Facebook's Libra currency abandoned by major financial companies

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. Meta owns about a third of the project, according to Bloomberg's unnamed sources, with the remainder in the hands of a variety of investors, including Uber, Shopify and Union Square Ventures. A Diem spokesperson declined to comment on the reported sale.

Facebook’s Libra: Much more than cool technology

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. Facebook plans to create a cryptocurrency called Libra that will let users all over the world buy things and send money quickly with low or no transaction fees. But critics worry using Libra could compromise people's private information.

Will Libra Tip the Scales in Facebook’s Favour?

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Libra: What is Facebook's new cryptocurrency and can we trust it?

Intereconomics on Twitter. A service of the ZBW. Governments, regulatory authorities and standard-setting bodies started acting on global stablecoins triggered by the Libra announcement. Among the concerns expressed by the G7 and the G20 are risks to the stability of the financial system. Overall the Libra project has raised many questions on the regulatory front. Facebook had to revise the concept as Libra 2. This opens the next chapter in a regulatory cat and mouse game. The internet services provided by the Facebook group including Facebook, Instagram, WhatsApp, Messenger have a global reach of almost 3 billion users, alone 2.

AP Explains: Behind Libra, Facebook's new digital currency

With Novi, sending money will be as easy as sending a message. There will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly. All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app.

Shopify Joins Facebook-Backed Libra Association Cryptocurrency Collective

RELATED VIDEO: Facebook Libra Cryptocurrency Explained

On 18 June , Facebook attracted worldwide attention by announcing its plans for a new cryptocurrency: Libra. Responses quickly followed from politicians, bankers, regulatory bodies, and commentators. In the Netherlands, parliamentary questions about Libra have already been posed to the Minister of Finance. Without going into the advantages and risks of Libra, this blog explores a number of financial regulatory law aspects of Libra, from the perspective of the current European and Dutch regulatory framework. The description of Libra and its underlying structure are based on the papers published by the Libra Association in June Facebook is currently the driving force behind the development of Libra, but formally, two different organisations are working on this initiative, the Libra Association and Calibra.

Libra Project: Regulators Act on Global Stablecoins

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Bitcoin is on the rise again, with its value booming from around EUR 3. However, it is clear by now that even after a decade, Bitcoin has not managed to become a very attractive means of payment. There are three main reasons for that. Enter Libra.