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Facebook CEO Mark Zuckerberg in Paris in May. Photo by Bloomberg
News Analysis
Facebook Crypto

Eight Takeaways From Facebook’s Libra Cryptocurrency

By
Jon Victor
and  |  June 18, 2019 5:00 AM PDT
Photo: Facebook CEO Mark Zuckerberg in Paris in May. Photo by Bloomberg

Inside Facebook, a group has spent the past year developing a cryptocurrency that could have far-reaching implications for the company’s business and the broader digital payments industry if successful. Now the group is finally going public with the details of its plans.

Facebook unveiled the plans early Tuesday when it published an academic whitepaper about the cryptocurrency, called Libra, which it aims to let the public begin using next year. While elements of the initiative have previously leaked, including in a report by The Information earlier this month, Facebook executives in recent interviews provided greater detail about how it will work—from the steps consumers will take to sign up for Libra to the company’s long-term vision for broadening who can validate transactions on the network beyond the big companies that will initially do so.

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