Announced back in 2019, the Libra stablecoin was Facebook’s new project which would let it enter into the crypto space, but there haven’t been any signs of progress on it up till now.
As other traders are celebrating the comeback of Bitcoin in the crypto market, two more workers from the crypto-based ‘Libra’ project from Facebook have let go of their positions. Libra was announced back in June of 2019, which is quite a long time considering the recent rapid growth of the crypto market. Libra was initially said to call as the “borderless global currency,” which would be supported by the Libra Reserve, which was originally a set of assets having minimal volatility.
Losing Huge Names
Fast-forwarding to four months, eight founders of the Libra Association let go of their positions. Founders included many giants such as PayPal, eBay, Stripe, and MasterCard. Libra’s name was then switched to Diem and the wallet, which was responsible for Libra holdings, also changed its name to Novi. Many people in the industry now see Diem having lost its main objective. With Diem being a stable coin held by the United States Dollar, the crypto space already has quite a few of them running around, originating from popular companies such as Circle, Paxos, and Binance.
As of now, many have been questioning whether there is any need for a digital asset originating from Facebook. Facebook has been quite aggressive towards people calling the crypto with names such as Facebook’s Cryptocurrency, Zuck Bucks, and others. The reason for this is because Diem has support from an association that is based in Switzerland, with the coin becoming increasingly decentralized as time progresses.
Novi Wallet is nowhere to be found
Facebook executive David Marcus did address the Novi Wallet, stating that it is ready for the market, but we still haven’t seen it. Since Facebook is trying to get into a very saturated market, it is still unclear if Diem would be able to flourish or not. Since Facebook is the one who announced, Libra being successful or failing would result in Facebook’s name all over it.
Despite all the struggle and difficulties, Facebook’s trump card is its massive user base. If it were to release a coin in the coming time, there would be no question that a significant chunk of that huge user base would at least try it out.