Another interesting follow up news regarding Facebook’s upcoming cryptocurrency, which apparently now set to be called ‘Libra’. In support of that intriguing name, the social media giant also setup a special support team labeled as Libra Association, which will be responsible in running the new cryptocurrency.
The massive joint association itself is set to be unveil by Facebook along with its partners next week, or precisely June 18. This Libra Association itself set to be based in Geneva and will exclusively oversee the new ambitious crypto coin project from FB.
Moreover, during the unveiling reports from many media also claiming that they will also do a testnest of the Libra blockchain. This blockchain itself is set to host the new crypto project and will also be backed by a store of real assets named Libra Reserve. This setup supposedly should give the token its stability, low, global acceptance, inflation and also fungibility.
Facebook’s upcoming cryptocurrency also received tons of backing, which eventually being set in that association form. There’s plenty of firm reportedly very excited to provide financial backing worth $10 million each. Those companies reportedly includes the likes of Visa, Mastercard, Uber and even Paypal.
Those strong support pretty much showcasing the trust towards Facebook’s massive brand as despite entering a relatively new and ambitious crypto realm, many top firms are keen on partnering the social media giant. It will be interesting to see how things eventually develop for FB and its new project, along with the relation that’s been created via Libra Association.