#CryptoCorner: Facebook (NASDAQ: $FB) Releases White Paper for ‘Libra’, FB Subsidiary Calibra Announced, Ripple Partners with MoneyGram (NASDAQ: $MGI)
#CryptoCorner: Facebook (NASDAQ: $FB) Releases White Paper
for ‘Libra’, FB Subsidiary Calibra Announced, Ripple Partners with MoneyGram (NASDAQ:
$MGI)
Point Roberts WA, Delta BC, June 18, 2019
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Stocks discussed: (Nasdaq:FB) (Nasdaq:MGI)
Facebook (NasdaqGS:FB) today released
the white
paper
for its global cryptocurrency Libra. The paper reads:
This document outlines our plans for a new
decentralized blockchain, a low-volatility cryptocurrency, and a smart contract
platform that together aim to create a new opportunity for responsible
financial services innovation.
Built on the open
source software-based Libra Blockchain, the Libra token is “fully backed by a
reserve of real assets”. The digital currency is governed by an independent
not-for-profit membership organization called Libra Association based in
Geneva, Switzerland. The white paper outlines the goal of Libra, which is to
make a stable and easy-to-use currency available to as many people around the
world as possible:
Essential to the spirit of Libra, in both its
permissioned and permissionless state, the Libra Blockchain will be open to
everyone: any consumer, developer, or business can use the Libra network, build
products on top of it, and add value through their services. Open access
ensures low barriers to entry and innovation and encourages healthy competition
that benefits consumers. This is foundational to the goal of building more
inclusive financial options for the world.
Announced in tandem
with Libra today was Facebook subsidiary Calibra, which will
produce a digital wallet for Libra. The wallet is expected to launch in 2020
and will be available in Messenger, WhatsApp and as a standalone app. An
excerpt from the announcement reads:
From the beginning, Calibra will let you send Libra to
almost anyone with a smartphone, as easily and instantly as you might send a
text message and at low to no cost. And, in time, we hope to offer additional
services for people and businesses, like paying bills with the push of a
button, buying a cup of coffee with the scan of a code or riding your local
public transit without needing to carry cash or a metro pass.
Ripple has
announced a strategic
partnership
with money transfer firm MoneyGram (NasdaqGS:MGI). The partnership
will see Ripple become MoneyGram’s “partner for cross-border payment and
foreign exchange settlement using digital assets”. Brad Garlinghouse, CEO of
Ripple, explained:
“This strategic partnership will enable MoneyGram to
greatly improve its operations and enable millions of people around the world
to benefit from its improved efficiency. This is a huge milestone in helping to
transform cross-border payments and I look forward to a long-term, very
strategic partnership between our companies.”
The
Korea Herald
reports that five South Korean crypto exchanges have changed their terms of
service so as to be liable for “cyberattacks or system malfunctions, even if
operators are not willfully or grossly negligent”. This follows the five
exchanges, which include Bithumb, receiving a corrective recommendation from
the Fair Trade Commission last year.
Sam
Mowers, Investorideas
Crypto Corner Sponsors:
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