What we know about Facebook’s stablecoin:
- It will be governed by the Libra association’s 28 founding members, Libra.org
- 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