Facebook will be recruiting
financial firms to develop their crypto.
It has been stated from reliable sources that the product name is
Libra. Sources claim that the
cryptocurrency project is secretive.
The United States Patent and
Trademark Office released a few documents in June 2018, which shows evidence
for the company to have acquired rights to the trademark name “Libra.”
While the name of Facebook is not
directly evident in the records, the owner of the filing is a limited liability
company with the name JLV. The address for
the LLC is the same as the address which is indicated for the official Facebook
A crypto tax company previously
held this trademark name, and now it has changed the name to Lukka.
Sources report that Facebook is looking at investments worth $1 billion for its rumored stable coin.
Reports also state that Christian Catalini, Professor of Massachusetts Institute of Technology is working on the development of the Facebook coin. The report also says that the professor is currently on leave.
The overall cryptocurrency market
believes that for the token to become mainstream, it needs the support of major
corporations. Very soon, major companies
from across the world will put cryptocurrency firmly on the map.
Despite all these revolving
opinions, there is a strong suspicion considering the existing reputation of
Facebook on whether the giant will issue a cryptocurrency in the real Sense.
Even if Facebook or any other
major giant corporation will not issue a real cryptocurrency, the venturing of
these companies into the blockchain industry will contribute to a game-changing
situation, for not only the cryptocurrency industry but for other sectors as
There are inherent dangers to
absolute decentralization in that nearly 95% of the volumes in the
cryptocurrency exchanges are either fake or are driven by bots.
Reliable details about the market
makers are not available at the market is not regulated, and there are no
official definition, regulation or licensing of the exchanges.
Several unfair features of the
market should be fixed before we can see mass adoption of the cryptocurrency.
Grassroots-led participation in
the cryptocurrency market is the key to benefiting the legitimacy of the
industry as a whole. It is only with regulation, and a level playing field will
be provided for both institutional and retail investors.
Facebook realizes the limitations
of, and we need to see if we are missing significant information about the coin
from Facebook and about whether it will be genuinely a cryptocurrency.