The publishing claims that Facebook and dozens of partners will launch the Libra Association. Based out of Geneva, the company will oversee the Libra cryptocurrency project. Further, the company is expected to launch its blockchains’ testnet at the event.
As per The Block, an unspecified blog post from Facebook reveals that Libra crypto asset will be hosted on the dedicated Libra Blockchain and will have backing by the Libra Reserve. As for Libra Reserve, it is reportedly a store of real assets that will purportedly grant the token “stability, low inflation, global acceptance, and fungibility.”
The software underlying the network is speculated to be open-sourced under the Apache 2.0 license. Allegedly, Facebook aims that the system could be helpful for people those who do not have access to the financial system. Additionally, the report suggests that the company also declared its intentions to focus on regulatory compliance:
“Collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”
Multiple sources suggest that Facebook is expecting to launch its cryptocurrency on June 18. A piece of recent news further claims that the social media giant has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for its soon-to-be-unveiled cryptocurrency project.