What we know about Facebook’s stablecoin:

  • It will be governed by the Libra association’s 28 founding members,
  • Voting rights are capped for any one Founding Member to avoid concentration of power
  • It is due to launch sometime in 2020, by that time Facebook hopes to have 100 founding members in the Libra association (up from 28 today)
  • The Libra association is headquartered in Geneva as a nonprofit, independent consortium.
  • Transactions will happen in a digital wallet called Calibra, this will be integrated with WhatsApp, FB messenger etc
  • A standalone version of Calibra will also be available

It seems they are going after the USD, the banks & the unbanked.

Fred Wilson over at USV has a good post on why they are one of the 28 founding members & opportunity for Libra & Crypto as a whole.

“So as we think about the potential drivers for mainstream crypto adoption, a simple, fully-collateralized, cryptocurrency used inside the world’s largest applications, touching hundreds of millions or billions of consumers, is perhaps the most promising one. It is our hope that Libra will serve as a major on-ramp to cryptocurrencies and cryptoassets, to the benefit of the entire ecosystem.”

Read the rest of his post here


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