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Facebook Inc. (NASDAQ:FB) plans to release cryptocurrency details on June 18th

  • Facebook Inc. (NASDAQ:FB) plans to release a whitepaper of its cryptocurrency codenamed Libra on June 18th.
  • The report published by TechCrunch also revealed that the stablecoin would be pegged to a basket of currencies to minimise price volatility.

Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, confirmed that the whitepaper would be published on June 18th.

She also confirmed that the cryptocurrency would not be pegged to a single currency, but a basket of currencies.

Facebook declined to comment on the report, but many believe that the new cryptocurrency will sidestep traditional credit card fees making it easier for merchants to receive payments.