Facebook cryptocurrency launches in Geneva
Facebook’s new cryptocurrency project has been officially launched in Geneva.
The Libra Association has 21 founding members and will form part of the governing council.
The launch has not been put off by the defection of electronic payment heavyweights such as Mastercard, Visa and PayPal.
Still on board though are Uber, Vodafone and Spotify and some major blockchain companies.
The new currency, Libra, plans to offer a different way of making online payments – but has been met by resistance from traditional banking channels.
Facebook says the new currency will not be subject to the wild swings in value such as Bitcoin.