Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report

June 15, 2019
101 Views

Social media giant Facebook will reportedly unveil the Libra Association governing its cryptocurrency project on June 18.

Social media giant Facebook will unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18, cryptocurrency news outlet The Block reported on June 14.

Per the report, Facebook and dozens of its partners will unveil the Libra Association — which will be based out of Geneva — as the entity that will oversee the company’s Libra cryptocurrency project. During the event, the company is also expected to launch the testnet of its blockchain.

The Block claims to have seen an unspecified blog post from Facebook, according to which the Libra crypto asset will be hosted on the dedicated Libra Blockchain and backed by the Libra Reserve. The Libra Reserve is reportedly a store of real assets that should supposedly grant the token “stability, low inflation, global acceptance, and fungibility.”

The Block further notes that the software underlying the network will be open-sourced under the Apache 2.0 license. The social media giant allegedly hopes that the system will help people without access to the financial system. Lastly, per the report, the company also declared that it intends to focus on regulatory compliance:

“Collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”

As Cointelegraph reported earlier this month, multiple sources were already expecting Facebook to launch its cryptocurrency on June 18.

More recently, news broke that Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project. Each firm reportedly contributed $10 million to the project.

You may be interested

Justin Sun to Reschedule Warren Buffett Charity Lunch for Medical Reasons
Altcoin
Altcoin

Justin Sun to Reschedule Warren Buffett Charity Lunch for Medical Reasons

btcethereumadmin - July 23, 2019

Tron founder Justin Sun must postpone the Warren Buffet charity lunch due to medical reasons. The Tron Foundation is pushing…

Bitfinex and Tether Double Down on Claim of No Customers in New York
Altcoin
Altcoin

Bitfinex and Tether Double Down on Claim of No Customers in New York

btcethereumadmin - July 23, 2019

Bitfinex and Tether have replied to the Attorney General’s affirmations against case dismissal by arguing that they did not serve…

Ontario Securities Watchdog Settles With CoinLaunch, Pending Approval
Blockchain
Blockchain

Ontario Securities Watchdog Settles With CoinLaunch, Pending Approval

btcethereumadmin - July 23, 2019

The Ontario Securities Commission has reached a settlement agreement with CoinLaunch over its alleged failure to register with the Canadian…

Leave a Comment

Your email address will not be published.