Facebook’s Libra Cryptocurrency might find PayPal its only supporter

Facebook started its journey as being the only social media platform on the internet to offer unique services to its users and it still is trying to keep it up. Over the past years, Facebook introduced a lot of new features in an attempt to engage its users more on its platform. Every company prefers that its users spend more time on the platform and the launch of new products every once in a while is an attempt by Facebook to make its users rely on the platform for all sorts of services.

Recently we reported that Facebook aiming to launch its own Libra cryptocurrency in order to deliver a more stable way to utilize virtual money for people who completely rely on smartphones for almost everything.

PayPal is a platform that is used by the majority of people to send money to their loved ones living around the world, so this new mode of cryptocurrency soon to be launched by Facebook might be offering similar services like of PayPal but it is cautious to know about the future of cryptocurrency Libra. There is already an outrage on the launch of this new digital currency. Central banks, governments, and even regulators are protesting against the use of Libra and railing against Facebook’s launch of new cryptocurrency and how it will be used in real-life.

Facebook revealed its plan in June for Libra and it is expected to launch in the year of 2020 in order to get support from a majority of users when the hype of Bitcoin and other virtual units is already decreased.

The outrage against the Libra cryptocurrency is confusing PayPal whether to collaborate with Facebook or not. According to PayPal, the commitment between the firms is non-binding and although there is a lot of work needed to implement to Libra but still it is showing a promising future and the idea of Libra cryptocurrency is pretty unique and exciting as well.

The Libra Association will be located in Geneva and this Association will be monitory the blockchain-based coin to maintain a real-world asset in order to maintain a reputation among its competitors. Facebook aimed to launch Libra as the new 'digital cash' in order to help deliver money to people via smartphones and to help millions of unbanked users send money to their loved ones without worrying about anything else at all.

PayPal is a platform that is used by millions of people on daily basis to send billions of dollars to their loved ones in their home countries so if you take a look at the aim of Libra and PayPal you’ll notice that they’re pretty much alike and the collaboration between these platforms might help serve the underserved, providing access to people without bank accounts to easily transfer money to their loved ones. So yes, Libra does have a promising future ahead and we are looking for it.

Photo: Justin Sullivan | Getty Images

Read next: Survey Reveals That “Libra” Might Not Be Welcomed Too Warmly as Expected
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