Facebucks Arrive in Crypto đź’ł

Facebucks Arrive in Crypto

Codenamed “Libre,” a new cryptocurrency may be on its way. Facebook is the muscle behind it, with billionaire CEO Zuckerberg believing “it should be as easy to send money to someone as it is to send a photo.” This could be big!

The digital currency will be supported on Messenger and WhatsApp, possibly being bought in fractions at physical cash-points. It’s also rumored to be anchored to traditional currencies, to ward off volatility. Michael Moro, CEO of Genesis Global Trading, doesn’t believe the new money would compete with the likes of bitcoin, which has now carved a niche as more of a “digital gold.” The two blockchain technologies would be “serving two different purposes” according to Moro, and the news is about to get even better for bitcoin and cashless bulls. Facebook’s entrance to this space isn’t a lone punt with over 12 companies involved from Visa, to Uber, to PayPal. Fortune 500 endorsement could convince some of the most prominent financial institutions to stamp the seal of approval on digital currencies finally. As yet, the technology has found it difficult to shake off a “criminal” image.

A year ago today, Facebook was wading through its own controversies as the brand took blows from all directions. Investors know all too well how accusations over privacy, data breaches, and election meddling plagued the tech giant. It’s since worked on patching up the reputational damage, long-term investors now with a renewed belief in the core social network business. Facebook now may be fending off a government break-up, but the company doesn’t stand still. Over 100 people are working on developing “Libre,” led by David Marcus, formerly of PayPal. Question is, will Facebook have a brand trusted enough to legitimize crypto for everyone?

Share:

More Posts

What is a kids brokerage account?

23 March, 2023

A kid’s brokerage account is more accurately called a custodial account. This is a brokerage account that parents or legal guardians can open on behalf of their child.

Load More
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Facebook Twitter Youtube Instagram Snapchat Tiktok
learn
products
plan
Who we are
blog

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community.The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results.Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such.Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.