Facebook To Launch Its Crypto Project Testnet on June 18
AP Photo/Paul Sakuma
Main page News, Facebook, Cryptocurrency, Stablecoins, Libra
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June 17, 2019

The social network's crypto project will be announced publicly this week, The Block reported on June 14 making reference to several company documents.

Libra's testnet will be launched tomorrow. The launch is meant to gather feedback from users and to inform about the future direction of the project.

Facebook's stablecoin, dubbed Libra, will be built on a homonym blockchain. The stablecoin will be supported by Libra Reserve, "a reserve of real assets" that will provide the crypto with "stability, low inflation, global acceptance and fungibility."

Libra's blockchain will be open-sourced under an Apache 2.0 license.

According to several publications, project participants include Coinbase, Xapo, eBay, Andreessen Horowitz, Union Square Ventures, Visa, PayPal and Mastercard.

Last week iHodl reported that Visa, Mastercard, PayPal and Uber have invested around $10M in the social network's crypto project.

The launch of the stablecoin is scheduled for 2020. The social network will reportedly make the official announcement in the third quarter of 2019.

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