Facebook's Cryptocurrency "Libra" To Drop This Month

Facebook is getting into the crypto game.

BYAron A.Jun 09, 20193.5K Views

Cryptocurrency has been growing in popularity over the years with more and more companies and celebrities jumping on the wave. However, it looks like Facebook is getting ready to compete with Bitcoin and other cryptocurrencies. Earlier today, they announced that they'll be launching their own cryptocurrency called Libra later this month.

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Per Tech Crunch, Facebook's new cryptocurrency, Libra, will launch a white paper explaining the basics of the crypto-coin on June 18th. The company’s Head of Financial Services & Payment Partnerships for Northern Europe Laura McCracken explained to a German magazine that the cryptocurrency would be associated with different currency as opposed to simply a single one as a way to prevent fluctuation. Facebook themselves have yet to confirm the details on Libra but there are rumors that the company is planning a formal launch of the product in 2020.

This could be revolutionary if executed properly. It would make Facebook introduce a new era of e-commerce on their social media platform which could change the game.

In other Facebook-related news, Huawei smartphones announced that they will not be pre-installing Facebook onto their phones anymore as a response to Washington blacklisting the Chinese tech-company. Along with Facebook, Instagram and Whatsapp will also not be installed on said smartphones. However, if you're already an owner of a Huawei smartphones, the Facebook, Instagram, and Whatsapp applications will be unaffected.

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About The Author

Aron A.

Aron A. is a features editor for HotNewHipHop. Beginning his tenure at HotNewHipHop in July 2017, he has comprehensively documented the biggest stories in the culture over the past few years. Throughout his time, Aron’s helped introduce a number of buzzing up-and-coming artists to our audience, identifying regional trends and highlighting hip-hop from across the globe. As a Canadian-based music journalist, he has also made a concerted effort to put spotlights on artists hailing from North of the border as part of Rise & Grind, the weekly interview series that he created and launched in 2021. Aron also broke a number of stories through his extensive interviews with beloved figures in the culture. These include industry vets (Quality Control co-founder Kevin "Coach K" Lee, Wayno Clark), definitive producers (DJ Paul, Hit-Boy, Zaytoven), cultural disruptors (Soulja Boy), lyrical heavyweights (Pusha T, Styles P, Danny Brown), cultural pioneers (Dapper Dan, Big Daddy Kane), and the next generation of stars (Lil Durk, Latto, Fivio Foreign, Denzel Curry). Aron also penned cover stories with the likes of Rick Ross, Central Cee, Moneybagg Yo, Vince Staples, and Bobby Shmurda.