Libra was a cryptocurrency created by Facebook, renamed into Diem at the end of December 2020 and wound down in January 2022. The Libra cryptocurrency was intended to be used as a simple, low-fee global blockchain-based digital currency.
What is the Libra coin backed by?
Real assets, a mix of stable government securities and bank deposits back it. These assets provide a value guarantee for each Libra coin.
Which of these companies support Libra?
Libra will be governed by the Libra Association, a Swiss group including 28 members – among which Facebook subsidiary Calibra, Uber, PayPal, Mastercard, Visa, Spotify, and many other household names in technology and finance.
What happened to Libra coin?
The Diem Association (originally the Libra Association) shut down in January 2022 and sold the project to Silvergate Bank.
Why did Facebook stop Libra?
They said they wanted to revolutionize the global financial system. The project ran in to fierce opposition from policymakers alarmed that Libra could give Facebook too much control over the money system, and infringe on users' privacy.
What crypto will Facebook use?
Diem (formerly known as Libra) was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also included a private currency implemented as a cryptocurrency.