Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the rocket domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /www/socialstandcom_764/public/wp-includes/functions.php on line 6114
Facebook May Launch "Libra" Currency on January 2021 - Social Stand

Facebook May Launch “Libra” Currency on January 2021

Last May 2020, Facebook launched Facebook Shops. It’s a significant step for the platform to join the e-commerce bandwagon. Shortly thereafter, the platform introduced the Novi Digital Wallet. It’s the new payment system to replace Calibra. With the recent announcement of a new pay team, Facebook may launch the “Libra” currency in January 2021

Facebook May Launch "Libra" Currency on January 2021
Facebook

Facebook’s Libra project started in June 2019. It’s a cryptocurrency protected by blockchain technology. It allows around 1.7 billion users to make low-cost digital payments without the need to access a bank account. According to the Financial Times, Libra will likely be launched in January 2021 but there was a  stripped-down of the original plan. It was meant to be backed by multiple currencies. But now, it will be back one-for-one by the US dollars. Thus, the value of Libra depends on the value of US dollars. What makes Libra unique from other cryptocurrencies is that it exists entirely in digital form. The Libra Association, a project co-founded by Facebook, will have direct control over Libra once launched.

Implications for Marketers:

Facebook’s Libra is another step to level up on e-commerce. It will make online money transfer cheaper and easier via Facebook. As such, marketers should prepare themselves to link the cryptocurrency in their payment system. Libra has a big potential to attract new users to the social network.

Reference: https://www.cnet.com/news/facebooks-controversial-libra-cryptocurrency-could-launch-in-january/

If you find this post useful, please share to your friends.

Share to friends

WhatsApp
Facebook
LinkedIn
Email

Related posts

Join Our Newsletter

Join our newsletter to receive the latest updates and market tips.