A few weeks back, Facebook made headlines with announcements to launch its own cryptocurrency – Facebook Libra. The cryptocurrency by Facebook is intended in part to create inclusion for those without access to banking services, making it one-of-its-kind cryptocurrency.
So, the fact is clear, Facebook Libra Blockchain is aiming to target those who don’t have access to banking services, yet would like to enjoy the benefits of secure digital payments using blockchain technology. But, can you really trust Cryptocurrency Libra? There are a few things you would want to know before making any decision.
It’s backed by a basket of currencies and U.S. Treasury securities
This makes it a secure choice as the currency basket is intended to minimize the risk of currency fluctuations, resulting in making it a secure choice for online transactions. There are many currencies that back Libra Blockchain, which include: U.S. dollar, UK pound, euro, Swiss franc, and Japanese yen.
Libra has full asset backing
Many people may find this term “Full asset backing” new, but it’s what makes the Facebook Libra a secure choice as Full asset backing is the same as that provided by governments who issue currencies. This makes it the ideal choice for people who seek a secure cryptocurrency for secure digital payments.
Although it’s going to be launched by Facebook, it will be not handled or controlled by Facebook as it is controlled by the Libra Association, which is a not-for-profit organization having its headquarters in Geneva, Switzerland. To be a part of this association, each member must pay a minimum of $10 million.
The Initial value of Libra
According to the announcements made by Facebook, the Cryptocurrency Libra is likely to have an initial value close to the value of the U.S. dollar, euro or UK pound, which means the users can easily buy it with their fiat currency through a third-party wallet app. And it can be used to make secure digital payments.
A Standalone Mobile App
Facebook Libra is likely to have its own standalone app for the wallet that will plug into Facebook Messenger and WhatsApp. So, in case you plan to report a fraud for unauthorized transactions, you can simply report using the mobile app. The Calibra Wallet will allow the users to send Libra just like a text message is sent.
In order to ensure the complete safety of the Libra Cryptocurrency users, Libra ensures using the most advanced technologies to protect user’s privacy and it’s not going to share customers’ account information or financial data with Facebook except. This makes Libra Cryptocurrency the ideal choice for secure, quick online transactions using the power of Blockchain technology.