Facebook has also established Novi, originally called Calibra, which offers a digital wallet which will provide Facebook users with a place to keep their Libra currency. Novi’s tagline is, “a connected wallet for a connected world.”
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Facebook has been doing the smart thing with its billions in cash revenue over the years – diversify. This can be seen in the company’s acquisitions of startup like Instagram and WhatsApp. Facebook not only incorporated the two apps tech into its own Facebook Messenger, but continued to operate the services independently as separate successful social media platforms.
Other investments that companies like Facebook usually make are in real estate, owing their own office buildings rather than rent. They also invest in other fields entirely, like when Apple went into the mobile phone business and started its own live stream entertainment service.
Libra calls itself a simple global payment system and financial infrastructure that “empowers billions of people.” The company says that its goal is to provide people everywhere access to safe and affordable financial services.
What began as a coalition of 27 different firms will now have just one coin.
But is cryptocurrency, also known as block chain, really such a good investment? As a virtual currency it has no real intrinsic value and is in no way regulated, whereas, as stocks and commodities trading is carefully watched by government agencies.
Some say that the crash three years ago was just a correction which was caused by too many speculators dumping their investments for quick profits. The crypto currency bulls still believe that it will be a long lasting legitimate alternative to traditional convertible currencies like the British Pound and the U.S. Dollar.
Bitcoin recently hit a three year high, breaking the $18,000 mark for the first time in three years. It had once traded above $20,000, but then the whole cryptocurrency crashed in 2017.
While people are still wary of crypto currencies, some are bullish and expect Bitcoin to supersede its all-time high of $20,000. That came just before the block chain crash of 2017.
Alex Mashinsky, chief executive officer at Celsius Network, a crypto-currency lending platform, said of the latest Bitcoin mark, “Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defense against currency devaluation.”