PayPal, Uber, Visa and MasterCard will be among the Facebook partners for the Libra cryptocurrency

If the rumor had spread in the past few weeks according to which the new Facebook cryptocurrency would have taken the name of GlobalCoin, now it seems that the name adopted will be Pound. Moreover, according to the rumors of the last hours, it will not be necessary to wait long to unravel the mystery, considering that as early as next week we could have the official announcement of what is expected as a real event.

Facebook partners

The same voices, however, have also begun to thin out the fog around the names of the companies that should collaborate with Mark Zuckerberg's social network in this new adventure. These are in fact important names, which seem to confer further enamel on the Libra project, given that the first names given in this regard are those of PayPal (he recently signed an agreement with Coinbase), Uber, Visa the visa has made an agreement with Coinbase) to MasterCard. They will be, according to Wall Street Journal, to put 10 on the plate millions of dollars apiece in order to become part of the consortium which will be responsible for supervising the digital uniform, Libra Association.
It should however be emphasized that the Libra Association has set itself an extremely ambitious goal, namely the achievement of the threshold of one billion dollars, which can be crossed by the entry into play of many other companies. Among the names that are circulating in these hours the names of stand out, Stripe e Free market.

What is the goal of the Libra Association?

The basic objective of the association is to managing to stabilize the value of Libra eliminating at least in part the excessive volatility that has characterized Bitcoin and other virtual currencies in recent years, scaring not only small investors, but also currency institutions and the financial world. A proposal that had the effect of reviving the voices that wanted the new cryptocurrency in the fence of the stablecoin, ie those digital assets that are not subjected to sudden changes in price because they are linked to the value of a real resource, starting from the fiat currencies.

Eyes on 18 June

Libra day should be the 18nd June, when the Whitepaper, which is responsible for explaining in detail the project development plan and the technical and commercial details that characterize it. While for the debut of the actual token it will be necessary to wait for the exhaustion of the test phase, which should continue throughout the year.

Once it is available, the virtual currency can be used by users in order to exchange peer-to-peer money and for online purchases in stores made available by merchants. Operations that will see the use of Libra both within Facebook and on third-party websites or portals.
Just to try to ensure the success of his cryptocurrency, the company is developing an extremely aggressive business plan, based on extremely advantageous conditions for online sellers who decide to adopt it.

Why have Visa and MasterCard changed their minds?

Among the many topics of discussion related to Libra's long-awaited debut, there is of course that relating to the implications that a similar debut entails for the entire digital asset sector. It should also be emphasized that the development plan is extremely ambitious: Libra, in fact, will not only be used within the entire Facebook universe, and therefore also on WhatsApp, Messenger and Instagram, but even offline, at the physical stores that decide to accept it.
Then there is another aspect that has raised considerable curiosity, or rather the intention to give life to automatic stations at which users will be able to insert banknotes in order to top up their digital currency reserve, in practice ATMs on the contrary. A choice motivated by the desire to encourage the use of currency also by the portion of the population which still finds significant obstacles to banking and financial products such as credit cards and other methods that allow digital payment.

A strategy that could prove disruptive especially in developing countries, where still billions of people fail to have access to very simple banking operations. Therefore, a real virtual square appears in which Libra would be the fuel for transactions and this would explain the presence of Visa and MasterCard, which even initially did not seem particularly enthusiastic about the project.