Is Facebook Serious About Libra Security?

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I’ve always thought it was only a matter of time until private corporations and financial institutions attempt to capitalise on the crypto boom.

This thinking was validated earlier this year when Facebook announced plans to launch its own cryptocurrency called Libra. Given its global reach, the social media giant hopes its digital currency will be the first to be used by the masses.

Understandably, this ambition has also brought scepticism from governments and regulators. 

So it’s no surprise that Facebook revealed more details about its “Bug Bounty” programme earlier this week. The programme pays crypto security experts a maximum of $10,000 to find security glitches in its technology. It’s a move that has been widely praised by different corners of the cryptocurrency community.

It’s another sign that Facebook is serious about Libra’s security.

So why do these developments matter? Well, I think it’s a clear sign that blockchain technology is in the process of being “institutionalised”. There was even news this week that senior figures at the Bank of England were open to using a global digital currency as the world’s reserve currency.

The upshot is that the crypto volatility we’ve seen since 2017 will continue to be less extreme as we head into a new decade. I also think many crypto investment managers will be looking to back cryptocurrencies like Libra at the earliest opportunity.

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