Approximately 30 blockchain companies and non-profit organizations agreed to fork the upcoming Facebook's Libra stablecoin in order to create their own version with unlimited OpenLibra access, iHodl Russia reports.
Wireline startup Co-founder Lucas Geiger says OpenLibra will be a stablecoin tied to the Libra exchange rate. The project team will include representatives of startups such as Cosmos, Web3 and the Danish branch of the Red Cross.
Geiger also said that OpenLibra received a generous grant from the Interchain Foundation from the Cosmos ecosystem, which will support the necessary research.
In addition to that, OpenLibra developers have already introduced their own version of the Libra virtual machine with unlimited access on GitHub. OpenLibra will perform key calculations on Tendermint software, which was developed for public blockchain platforms.
Previously iHodl reported that Visa, Mastercard and Stripe, three companies that have recently reported they are reconsidering their participation in Facebook's crypto project, received a warning letter from two U.S. senators.
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