Facebook published detailed information about how the libra cryptocurrency it helped create will make it the most powerful cryptocurrency startup in the world.
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Click here for a detailed technical breakdown of what makes the libra blockchain different as competitors. “The libra currency and reserve will enable people around the world to trade in one single native currency,” says David Marcus, Facebook’s head of blockchain, and now the head of Facebook’s newly created cryptocurrency subsidiary, Calibra. “What we’re hoping is we will have the ability to foster a lot of innovation in the ecosystem across all dimensions.”Of course, the cornerstone of that innovation is the libra cryptocurrency itself.
Once the basic business and technical requirements are met, aspiring members of the association are required to pay at least $10 million, or 1% of the total amount being raised in the security token offering . The resulting investment capital is then stored in the same treasury accounts, as the libra cryptocurrency itself.
“The end goal is to insist that these types of partners have a seat at the table,” says Dante Disparte, head of public policy and communications for Libra Association, hinting at the diversity of the membership. “So that the type of innovation it would spur takes crypto to places it hasn’t gone before, but critically also extends the last mile of finance and financial inclusion.”
After customers go through an elaborate on-boarding process designed to verify their identity and prevent money laundering, they will be able to select the amount of libra they want to send in their native currency, and see the amount received in the recipient’s native currency. At launch, Calibra aims to be live in as many jurisdictions as possible. Marcus says a team of his former PayPal colleagues now working at Facebook, and others, has already applied for several U.S. state money-transmitter licenses, and New York’s BitLicense, and that it has received approvals on several applications.
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