Facebook To Introduce Cryptocurrency

Say what you will about Mark Zuckerberg, he’s not stupid.

He’s now using OPM (Other People’s Money) to create a new cryptocurrency to be called “Libra.”

libra-zodiac-sign-horoscope-symbol-vector-illustration-space-background-91231703

The Wall Street Journal noted today that his partners include VISA, Mastercard, PayPal and Uber, among others.

The digital coin is still under wraps; a white paper is to be introduced next week.

It will apparently be constructed as a “stable coin” that will be pegged to a basket of fiat currencies to avoid wild fluctuations in value (see Bitcoin) and will allow transactions among the partners.

With 2.4 billion Facebookers, it may catch on.

https://www.wsj.com/articles/facebooks-new-cryptocurrency-gets-big-backers-11560463312?mod=hp_lead_pos3

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About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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