FACEBOOK’s Libra and its Impact on the Crypto Industry

The social media company Facebook stunned the crypto world when it announced a plan to launch its cryptocurrency called Libra. The recent announcement has garnered great publicity and became one of the most discussed topics across different forums and media outlets. The platform’s main value proposition is to enable users to buy and send money with minimal costs.

ABBC and Libra have the same vision in mind — promoting the use of cryptocurrency in day-to-day living. ABBC Managing Partner Arben Kane seems to agree with that as he expressed his opinion regarding the ambitious project. He has mentioned in one of his tweets that

“#libracoin is #PayPal running on #WhatsApp.”

In a similar manner, with blockchain technology underpinning ABBC Coin’s system, payments and cryptocurrency transactions will also be fast, secure, and extremely convenient to its users, especially in terms of online shopping.

Libra will be backed by partners such as Mastercard, Visa, and PayPal, and will supposedly allow people to move their money safe and fast from their smartphones wherever they are. The social media giant had recently released the whitepaper for its long-awaited cryptocurrency and blockchain-based financial infrastructure project.

Being considered as one of the major players in the digital landscape, Facebook’s crypto venture might affect the existing cryptos in the market, and if it is positive or negative, we can only assume for now.

Libra Payment Solutions

According to Facebook CEO Mark Zuckerberg, the name Libra takes its roots from ancient Rome, where Libra was the basic Roman measurement of weight.

Once launched, Libra will be the new foundation of global payment with its low-to-free transaction costs. The global money transfer feature on its financial service ecosystem will be made accessible to billions of people worldwide. It is anticipated to be a widely used payment method. Libra highlights lower transaction fees and easier accessibility to individuals with no credit cards or bank accounts.

According to the whitepaper that Facebook released, the technology is engineered to move money around globally in a simple and cost-effective way like sending a text message or sharing a photo. In line with this, Libra is intended to merge with Facebook Messenger and WhatsApp so that users can easily send money back and forth like sharing a file attachment. This further demonstrates how Libra will make transactions easier.

As an additional proof on how Libra is committed to providing enhanced experience with its services, it has partnered with company giants such as Spotify, eBay, Uber, and Vodafone, to name a few, who also share the same values in making consumers’ lives easier.

Libra as a Stablecoin

Most people who are not into the crypto industry know cryptocurrencies on a superficial level, and often have misunderstandings about it. Getting hands-on experience with crypto through Facebook Messenger or WhatsApp can change that very quickly.

Through Libra, people can use cryptocurrencies and their advantages to enable economic growth. On the other side, the concept can agitate central banks, since this would be a global central currency which many people from around the world can easily buy and hold through their smartphones.

Since Libra will be a stablecoin, it is expected to be more stable, less volatile, and to withstand wild price swings that have made Bitcoin and other cryptocurrencies less preferable for e-commerce and payments. Unlike most stablecoins, Libra is not pegged to one specific currency. Libra is pegged to a group of low-volatility assets including bank deposits and government securities in multiple currencies. In theory, stablecoins can also help cryptocurrencies gain mainstream appeal. Moreover, it could pave the way for the adoption of a broader suite of blockchain and cryptocurrency-based financial products that aren’t currently practical.

Facebook will be formally launching the cryptocurrency in 2020. By then, it will serve as a digital money exchange in transferring traditional currencies.

ABBC Coin’s Steady Progress

Similar to Libra, ABBC Coin aims to provide fast, safe, and convenient transactions to its users. Through the Aladdin Wallet, users can easily send crypto through chat. Aside from that, normal messages can also be sent within the app. This newly launched multi-crypto and multiplatform wallet allows seamless and protected crypto-transactions between peers.

ABBC will also launch its online shopping mall named Buyaladdin, which fully integrates cryptocurrency and blockchain technology in the e-Commerce industry. It is anticipated to make online payment transactions faster and allow cryptocurrency holders to purchase items offered at e-Commerce giants like Amazon, eBay, Alibaba, and more.

With Facebook’s Libra already underway, cryptocurrency adoption is placed yet again into the spotlight. ABBC continues to strive as it launches ambitious projects targeting audiences nationwide. Focusing on the e-Commerce setting, ABBC shows steady progress and will keep moving forward until it becomes one of the primary cryptocurrencies in the market.

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