We knew it was only a matter of time before Facebook dove into the cryptocurrency realm. Mark Zuckerberg announced recently that Facebook will be launching Libra Coin a payment method to instantly send funds with lower transfer fees. The social media giant (deemed to be the largest social network) owns both Instagram and WhatsApp. Likewise, their target audience (social media users) is perfect for adopting their own currency within their platform. Libra coin’s scaling ability can make them very competitive in the crypto world.
Libra is said to be pegged 1:1 against the US Dollar. Moreover, the social network has already had many privacy issues. As a result, it’s safe to say that Libra coin won’t be decentralized, however, it can very well serve as a catalyst to mass adoption of cryptocurrency. Users on Facebook owned apps will be able to send, spend, and purchase goods using Libra coin via a wallet managed by a digital wallet from the company Calibra.