The Libra project is currently in preparation for release in early 2020. The project, led by the Facebook company, aims to provide services to the public to send, receive money, and buy products or services using the Libra coin as a means of payment and without the need for a bank account.
Libra Blockchain works based on consensus algorithms that depend on validators. This validator is responsible for maintaining and managing the Libra blockchain network. Initially, Libra voted for Founding Members who met the criteria and had a Libra Investment Token after investing $ 10 million in the project.
According to the Libra Association, founding members include the following companies:
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Mastercard, MercadoPago, PayPal, PayU, Stripe, Visa, Booking Holdings, eBay, Facebook, FarFetch, Lyft, Spotify, Uber, Iliad, Vodafone, Anchorage, BisonTrails, Coinbase, Xapo, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Thrive Capital , USV, Creative Destruction Lab, Kiva, Mercy Corps, and Women's World Banking.
These founding members have different roles and approaches to digital assets. Even so, they see the possibility of Libra's growth and opportunities to make a difference in the payment industry.
1. MasterCard
Mastercard is an international company with offices in the United States. This company offers credit cards to people all over the world.
Nowadays many people use crypto to reduce transaction costs. Mastercards can take advantage when integrating and implementing Libra into their services to reduce the costs of transactions and sending money across countries for individuals or traders.
Some companies issue Mastercard cards that are integrated into cryptocurrency. Libra can work with MasterCard and allow clients to use cards supported by their Libra funds.
2. PayPal
It is the most popular payment company in the United States and several other countries. Some communities consider this company to have large shipping costs and do not have an exchange rate that is very attractive to users and makes it difficult for individuals who have little resources.
With Libra, PayPal can increase its role in the market and start offering better services to users. Although there is no information about the plan they are trying to follow, the decision to invest in the Libra project may be closely related to the plan for the company to get more users.
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3. eBay
eBay also participates in the Libra project. This is not the first time eBay has invested in a payment company, in 2002 eBay became PayPal as its full subsidiary before ending in 2015.
By investing in Libra, eBay's payment system can change. In the future when eBay is integrated with Libra, we can buy goods or services on eBay using Libra coin
4. MercadoPago
MercadoPago is a payment service company located in Argentina and accepts services in Latin America. The company is also known to invest in the Libra project, but their goals for their project are unknown.
MercadoPago helps people spend and spend their money on their ideas and innovations. It is possible that MercadoPago will integrate its services with Libra, so that the company has a bigger market, reduces its costs and improves its services. Please note, until now they do not have a payment service that supports cryptocurrency.
5. Coinbase
It is one of the crypto companies that invest in Libra in addition to Xapo, BisonTrails, and Anchorage. It is probable that the first Coinbase company will add support to Libra. However, other crypto exchanges also have the possibility of being the first to provide support.
Being the first stock exchange to support Libra can benefit Coinbase. In addition, there will be many merchants and users who will use libra for certain purposes, and Coinbase can be the leader in getting Libra.
6. Uber
Uber is a company that offers a variety of services such as ridesharing and food delivery which are also known to invest in the Libra project. Previously there were many issues related to Uber who would accept payments using crypto. However.
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If Uber integrates with Libra, then issues in the past could actually occur. For some people having Uber connected to a cryptocurrency wallet is something that many people consider valuable and will definitely be used.
7. Andreessen Horowitz
It is a venture capital company that is known to invest in Libra. The company invests in startups as well as other companies.
Joining the Libra project allows companies to understand how other companies are engaged in the crypto industry and the crypto ecosystem.
