Libra (LBA) & Facebook

Since its launch on June 18, 2019, Facebook’s Libra project has encountered mixed reactions. Now, four payment companies that had joined the social media giant as founding members of the Libra Association are hesitant. They have developed cold foot over whether to formally sign on to the crypto project. The issue was explained by people familiar with the matter.According to a new Bloomberg report, MasterCard, Visa, Stripe, and PayPal are allegedly stalling at officially joining the...

Photo: ShutterstockWell, if the regulatory scrutiny on Facebook‘s Libra cryptocurrency was not enough, even bankers have jumped in to pull down the Libra project. Recently, the United States Federal Reserve had asked some of the largest banking institutions in the country about their stand on Libra.Responding to it, the bankers have expressed risks posed by Libra like a potential decline in the deposit accounts as well as the banks’ payment volumes. As per the Bloomberg report, the banks...

Facebook’s cryptocurrency Libra has been in hot water ever since the social media giant released the whitepaper earlier this year. Central banks and governments across the globe have put together a concerted effort against Libra, putting Facebook executives in the dock time and again as they fear that the social media giant is out to create a parallel financial system. But the greatest threat that could derail Facebook’s cryptocurrency project probably lies within. The Libra Association, a...

Facebook has been having a tough battle dealing with regulators and government agencies since the launch of its Libra cryptocurrency. In the recently leaked audio recordings obtained by The Verge, Mark Zuckerberg threatens to take the U.S. government to the courts if the Democratic Party presidential candidate Elizabeth Warren comes to power and tries to break big companies like Facebook into smaller entities.Note that breaking Big Tech is one of the major promises of Elizabeth Warren’s...

Facebook’s Libra is getting some criticism from an unlikely source: Ripple’s Marcus Treacher.Treacher: Libra’s Got to Open Up a BitTreacher is the company’s senior vice president of customer success. According to an interview he did with CNBC his primary complain is that Libra will be a “closed system” or a “walled garden” as he calls it.This basically means that Libra will be largely controlled by a team of executives. The power will not be in the hands of the people who use it, but in those...

Some say that Silicon Valley is the new Wall Street, but could there be deeper reasons why tech companies like Facebook compete with banks like Goldman Sachs for engineers? It used to be banks that attracted the brightest. Before the financial crisis of 2008, Wall Street loved to hire mathematicians, physicists, and even rocket scientists to create innovative – and often very complex – financial products. They would design new derivatives and investment strategies and run quantitative risk...

Recently it has come to light that RSK, an IOVLabs subsidiary, that calls itself the “first open-source smart contract platform secured by the Bitcoin network”, has purchased Taringa. It is important to highlight that it is the most popular Spanish-speaking social network with 30 million users. According to the recently revealed data, this platform is used by 28% of internet users. This figure is better than the results of Snapchat, Skype, and LinkedIn.RSK also has a native token RIF which...

Facebook will get yet another chance to try to win over the support of US lawmakers with regards to its Libra cryptocurrency project and other matters next month. According to Bloomberg, the social media giant’s Chief Operating Officer Sheryl Sandberg will testify before the U.S. House of Representatives possibly in late October. Sandberg’s visit to Capitol Hill will be coming weeks after the co-creator of Libra David Marcus met with lawmakers to shed more light on tech company’s...

If you think bitcoin is having a hard time this week, talk to Mark Zuckerberg about Libra and you’ll probably think bitcoin isn’t doing so bad. Libra Encounters More DelaysAt press time, bitcoin is trading for just under $7,900, meaning it’s crashed even harder over the past 24 hours. Marcus Swanepoel, the chief trader of bitcoin and its crypto cousins at Luno, says that this behavior is pretty much affecting every major cryptocurrency on the market, and that the trends are not specifically...

Marcus Treacher, a senior executive at blockchain cross-border remittance giant Ripple is seemingly kicking-off a modern “cola war” with their emerging rival Libra, Facebook’s controversial cryptocurrency. Treacher, the head of Ripple’s strategic accounts globally, criticized the so-called Facebook cryptocurrency for being “a walled garden.” The executive stressed that only a handful of big players, including Facebook, Visa, MasterCard, Uber, and PayPal, practice excessive control over...