Facebook’s Libra is joining the cryptocurrency world alongside Bitcoin and Ethereum, but this isn’t the first cashless method on the market. As companies are simplifying consumer transactions, will cash reach an expiration date? We explain. #FacebookLibra #Bitcoin #Ethereum #CashlessSociety https://bit.ly/2X7OdkL
Would you trust Facebook with your money?
On Tuesday, Facebook confirmed it would launch a digital global currency similar to Bitcoin, called Libra, aimed at users around the world who don't have bank accounts.
But there's another reason Facebook is introducing Libra, said Wedbush analyst Michael Pachter: It's an opportunity to get some of its more than 2 billion users to shop through the platform.
"Facebook is merely trying to facilitate commercial activity for its customers, and the endgame is to offer links to brands they care about," he said.
The currency is managed by the Libra network, co-founded by several companies in both the payments and tech industries, including Facebook, eBay, Uber, Lyft, PayPal and Visa.
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