In June 2019, social networking giant Facebook announced plans to develop its own cryptocurrency for use in online transactions, the Libra. The Libra was structured as a partnership between Facebook and leading payments providers like Visa, Mastercard, and Paypal. It was supposed to become the world’s first truly respectable cryptocurrency.
Less than a year later, Visa, Mastercard, and Paypal have all ditched the project. The only non-Facebook tech heavyweights remaining in the Libra Association are Uber, Lyft, and Spotify, and the reason is obvious: they all sell on Facebook. Expect them to take Libra, but don’t expect them to promote it.
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