If someone’s looking to learn everything there is to know about the trading industry, Finance Magnates is the go-to choice. This trading knowledge hub reports on the latest news, events, and research related to trading and finance. Thus, the website had to weigh in on the latest Globalcoin discussion. They invited Daniel Popa, the CEO of Anchor, to voice his opinion too.
Up until recently, Facebook’s blockchain project was still a complete mystery. However, in recent weeks, it has been revealed that the company’s future cryptocurrency could be called “Globalcoin” which was then swiftly replaced with “Libra”.
With a name as strong as that one, it’s safe to say that the project has something to do with a new financial network. It’s evident that Facebook is building a network based around a stablecoin that’ll allow users to send money globally — anytime, anywhere. And with about 2.37 billion active users, Facebook has the upper hand. If only a fraction of those starts using this new payment system, the effect on banks will be quite noticeable.
Is there a future for Libra?
Still, Finance Magnates wanted to know what experts thought of it, and Daniel Popa made a valid point. Though he supports the project and believes Facebook is the ideal platform in terms of educating people on crypto, the company first has to address some issues.
Right now, Facebook has a ban on crypto advertising, so not many users actually know anything about the crypto world. Thus, Facebook has to use its position to educate others about it. Once that’s done, they should work on making their Stabelcoin solution appealing for mass adoption. But, that includes focusing on ease of liquidity and low transaction fees, as well as making it fast and easy to use.
To learn what other industry experts have to say about Facebook’s blockchain endeavors and how it could even replace Tether, read the entire article here.