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How is Facebook's cryptocurrency Libra different from its peers?


Grace A

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Facebook (NASDAQ:FB) shared details of its cryptocurrency called Libra coin on Tuesday, even as it said it would roll out its highly anticipated digital currency next year. While the core similarity between Facebook’s Libra coin and its peers such as Bitcoin begins and ends with the blockchain technology that the social media giant plans to employ in its digital currency, there are quite a few dissimilarities.

For a start, Facebook’s crypto would be pegged to fiat currencies like the dollar and the euro to prevent it from wild swings associated with the other cryptocurrencies.

Secondly, Facebook’s digital payment gateway is expected to be backed by more than twenty companies comprising of some of the top payment corporations such as Visa, Mastercard and Paypal along with a host of tech, media and ride-sharing businesses.

Thirdly, the cryptocurrency will be overseen by an independent Geneva-based agency, Libra Association with several companies backing Facebook’s venture being part of the organisation.

Lastly, users can safely store their Libra coins on Facebook’s digital wallet, Calibra and use them to make payments over the internet and on Facebook’s social media platform.

 

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