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#CryptoCorner: Facebook (NASDAQ: FB) Releases White Paper for 'Libra', FB Subsidiary Calibra Announced, Ripple Partners with MoneyGram (NASDAQ: MGI)

 

Point Roberts, WA and Delta, BC - June 18, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Facebook (NASDAQ: $FB) Releases White Paper for 'Libra', FB Subsidiary Calibra Announced, Ripple Partners with MoneyGram (NASDAQ: $MGI)

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Crypto Corner

Stocks discussed: (Nasdaq:FB) (Nasdaq:MGI)

Facebook (NasdaqGS:FB) today released the white paper for its global cryptocurrency Libra. The paper reads:

This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.

Built on the open source software-based Libra Blockchain, the Libra token is "fully backed by a reserve of real assets". The digital currency is governed by an independent not-for-profit membership organization called Libra Association based in Geneva, Switzerland. The white paper outlines the goal of Libra, which is to make a stable and easy-to-use currency available to as many people around the world as possible:

Essential to the spirit of Libra, in both its permissioned and permissionless state, the Libra Blockchain will be open to everyone: any consumer, developer, or business can use the Libra network, build products on top of it, and add value through their services. Open access ensures low barriers to entry and innovation and encourages healthy competition that benefits consumers. This is foundational to the goal of building more inclusive financial options for the world.

Announced in tandem with Libra today was Facebook subsidiary Calibra, which will produce a digital wallet for Libra. The wallet is expected to launch in 2020 and will be available in Messenger, WhatsApp and as a standalone app. An excerpt from the announcement reads:

From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.

Ripple has announced a strategic partnership with money transfer firm MoneyGram (NasdaqGS:MGI). The partnership will see Ripple become MoneyGram's "partner for cross-border payment and foreign exchange settlement using digital assets". Brad Garlinghouse, CEO of Ripple, explained:

"This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."

The Korea Herald reports that five South Korean crypto exchanges have changed their terms of service so as to be liable for "cyberattacks or system malfunctions, even if operators are not willfully or grossly negligent". This follows the five exchanges, which include Bithumb, receiving a corrective recommendation from the Fair Trade Commission last year.

Sam Mowers, Investorideas

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