Facebook exec shares details of its Libra cryptocurrency

A Facebook exec let slip new details on Facebook’s forthcoming currency, which will reportedly be called “Libra”. Speaking to the German magazine WirtschaftsWoche, Facebook’s head of financial services and payment partnerships for northern Europe, Laura McCracken, let slip key details of the social media giant’s cryptocurrency.

Talking to the German reporter at Money20/20 Europe, McCracken revealed the whitepaper of Facebook’s much-discussed cryptocurrency will be published on June 18. The cryptocurrency itself, she went on to explain, will be pegged to a basket of currencies rather than a single one such as the U.S. dollar. TechCrunch revealed last week that it had received a request for a June 18 news embargo from a comms manager for Facebook’s hundred-plus strong blockchain team.

The new cryptocurrency could make waves across the crypto community, bringing its mainstream adoption.

José Maria Macedo, Partner and Head of Advisory at AmaZix said: “Facebook’s announcement of [Libra] is the trojan horse than will bring blockchain adoption to the masses.

“Through Facebook and Whatsapp, potentially hundreds of millions of people will use it. It has the potential to be bigger than the US Dollar in terms of numbers of users.

“Mark Zuckerberg has looked beyond the hype, and seen the potential of cryptocurrencies for low-cost, reliable cross-border transfer of payments. Startups are set to transform industries from banking to the supply chain. Companies large and small, like Facebook, are looking at how blockchain can help their business in this new digital era, and we are just at the start of the journey of this fledgling industry.”