Facebook Libra Stablecoin Summary
Last updated 09/15/2019
The arrival of the developed cryptocurrency by Facebook has rather caused a rowdy session around the cryptocurrency world. This is due to its many features and how they intend to function.
Also, it has come under continuous fire from legislators and regulators alike. This is all due to the ambitious project from Facebook.
What Is Facebook Libra Stablecoin?
To clear things up a little, this is not an actual currency founded by Facebook. It is a project originating from the libra association which was coincidentally founded by Facebook. The Libra association is founded to serve as the monetary authority for the global stable coin.
However, Libra cryptocurrency is a stablecoin. This is due to the fact that it is pegged to a currency or some sort of security bond. This is to facilitate more stability and less volatility like the other unpegged cryptocurrency. What makes Libra more interesting than other stable coins is that it’s only only pegged to one specific traditional currency. It is pegged to a group of low volatile assets. Those include bank deposits and security bonds backed by governments worldwide. Another unique feature of Facebook’s Libra is that it’s pegged to multiple currencies.
The Facebook Libra Stablecoin also has a Libra reserve. This function as a lower bound on the libra value. the cryptocurrency is not necessarily pegged to its own value. the libra cryptocurrency is pegged to other monetary entities and security backed bonds to keep its value steady. This makes it as valuable as other country’s developed currency. This also makes it a good avenue for storage of value for investment purposes.
Facebook Libra Stablecoin Partners
Facebook has partnered with a number of high profile companies that will help it launch the cryptocurrency on a massive scale. Below are a list of the partners FB has announced so far.
How To Buy Facebook Libra Stablecoin?
Currently, Libra stablecoin is still in its presales stage and is only available for a certain number of people in selected countries. This is to provide long-time Facebook user access to the Libra stablecoin. It is currently being sold to early adopters and testers to get feedback about FB Libra stablecoin.
Currently, the price of one libra is tagged at $0.5 after which the price will increase to $1 per token after the public release. There are currently 20 million tokens available.
When Is Facebook’s Libra Stablecoin Becoming Available?
Facebook’s Libra Stablecoin will be released in 2020. It is the original release date for the Facebook’s Libra stablecoin. However, through the presale and the beta testing phase, you could get hold of it even sooner. Using the Libra stablecoin, you are eligible to pay for goods and services. this is also in line with trading with other libra alpha users also.
With the new facebook Libra stablecoin, this new cryptocurrency is designed to have a stable value that will be acceptable all over the world. Unlike many other cryptocurrencies with fluctuating prices based on speculations, Libra is completely designed to be above all that.
With the arrangement of backing by reserves of assets, pegging with different currencies from different countries and security bonds, its value is rather stable.
The safety and security of Facebook’s libra stablecoin are of the highest priority. The security is built with the design used by the Libra blockchain to protect and prevent any form of malicious activity. The Libra cryptocurrency aims to facilitate global payment using its coins.