CNBC cited a report by The Information stating that Facebook plans to cede control of its cryptocurrency to outside parties, so as to keep the token completely centralized.
Reportedly, the said stablecoin will purportedly be integrated as a payment tool on WhatsApp, Messenger and Instagram. The Information further claims that it will also be accessible through physical ATM-like machines.
Reportedly, Facebook acquired the “Libra” trademark for the secretive project in May. Sources familiar with the matter further claimed that the firm is recruiting financial firms in order to develop the coin, for which the project codename is Libra. It was disclosed later in the month, that Facebook also registered a new financial tech firm, Libra Networks LLC, with the Geneva Commercial Register in Switzerland.
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