This has been a fascinating week for cryptocurrencies. On Tuesday 18th June, Mark Zuckerberg (CEO of Facebook) announced an initiative by 27 organisations to launch a new cryptocurrency called Libra.
The creators of Libra want this to be the first “mass” cryptocurrency. Understandably, this news has many investors itching to find out more. To help we’ve made a short video.
Just click on the video player above to watch it. Alternatively, you can read the transcript below.
Facebook has announced plans to launch its own cryptocurrency. It’s called Libra – and here are three things you should know about it.
The purpose of Libra is to make the movement of money cheap, no matter where a person lives. The Libra Association hopes this will empower billions of people who don’t have access banking.
To cover operating costs and raise funds, Libra will issue its own security token. These are called “Libra Investment Tokens”. However, these will only be available to accredited investors.
Libra is built on Blockchain – so it needs partners to operate as Validator Nodes. At first, only the 27 founding members of the Libra Association – which includes companies like eBay, PayPal and Uber – will act as Validator Nodes. But eventually, other organisations will be able to apply – providing they meet certain financial and technical requirements.
Want To Know More?
If you want to know more about Libra, you should read the official White Paper. Just click this link to read it.
Do you want to establish your own crypto fund? We should have a Skype call. Just email me back and we can book a time that’s convenient to you.