June 14, 2019
According to The Block Crypto, Facebook is working on building its own full payment network centered around a stable coin named “Libra”. A source close to the matter has reportedly confirmed that Facebook is in the process of recruiting financial firms to help facilitate the project.
Documents filed with the United States Patent and Trademark Office in June indicate that Facebook has acquired the rights to the “Libra” trademark. This trademark was formerly held by a cryptocurrency tax company called Lukka.
According to the Coin Telegraph, it has been reported that Facebook is seeking investments worth $1 billion to facilitate the project.
Authors: Amanda Bertucci and Daniel Seidman