Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Facebook Coin

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Happy Friday.

For you golf fans, this year’s U.S. Open is off to a walloping good start, and, even better, if you’re a Tiger Woods fan, he’s in the hunt (-1 in the first round).

Justin Rose seems to have put together quite the round, tying the record 65 (-6) that Tiger himself set at Pebble Beach back in 2000. We’ll see if the wind starts whipping and the greens start firming up in round 2. Or perhaps the marine layer will blow, and nobody will be able to see anything, including the golfers.

While the golfers do their thing, Facebook’s long-not-very-well-kept secret blockchain/cryptocurrency payment project, "Project Libra," is getting some big named backers, according to a report from The Wall Street Journal.

Visa, Mastercard, PayPal, and Uber have all backed the new cryptocurrency, and each will invest around $10 million in a consortium that will govern the digital coin, the "Libra."

According to the Journal, that money would be used to fund the creation of the coin, one which will be pegged to a basket of government-issued currencies to avoid the wild swings witnessed by other cryptocurrencies.

The Verge also reported on the development, and addressed how the new "stablecoin" might be used:

As well as allowing users to send money over Facebook’s messaging products like WhatsApp and Messenger, Facebook hopes that its partnerships with e-commerce firms will allow users to spend the currency online. The company is reportedly also looking into developing ATM-like physical terminals for people to convert their money into Libra.

The Block reports that Facebook has also posted additional blockchain jobs this week, just ahead of the release of a whitepaper next week formally announcing Project Libra.

Be interesting to see whether or not the value of a bitcoin changes one way or the other over the course of the next week.

Written by turbotodd

June 14, 2019 at 10:00 am

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