The largest social media network of the world Facebook has acquired trademark “Libra” for its secret Stablecoin project.
As per the report published by USPTO, Facebook has acquired the trademark “Libra” for its cryptocurrency project and have documented for the same on June last year. The WSJ has reported about the cryptocurrency project of Facebook. It is focused on launching a payment platform. The social media company is presently in talks with several financial institutions like Visa, MasterCard and various other retailers to form a network.
Until recently Libra trademark was owned by a little-known digital currency company which changed its name to Lucca recently. A company named JLV LLC is said to possess the trademark presently, the company is based in the same address where Facebook is located.
Individual familiar with the Facebook project has revealed that Facebook is working on a digital currency project and has named it Libra. Experts of the industry are speculating that if the project succeeds, it will disrupt the traditional e-commerce business and will set a new height for the crypto industry.
Bloomberg was first to report about the cryptocurrency project of Facebook in 2018. New York Times has recently published a report speaking about the surprising speed in which the project is getting developed.
The first in command of BitMex, Mr. Arthur Hayes has said we should not refer the coin developed by Facebook or Twitter as cryptocurrency as according to him these tokens will ride on their ecosystem and the user who has trust on these companies will invest on them in good faith. They will not have any effect on other cryptocurrencies that ride on the public shared network.
Previously it was reported MIT professor Christian Catalini had joined the highly secretive project of Facebook. He is best known for his work on token economies. Although, both Catalini and Facebook have avoided from remarking on the news.
The critical advantage of the Facebook Stablecoin will be its lower fees. It is expected that it will be lesser than the credit card charges. It is speculated that the Facebook coin will also be utilized as a reward for engaging advertisements which is very similar to the loyalty point program.
As per a report, Facebook has listed 25 jobs related to blockchain, the roles are ranging from data scientist, financial analyst to software engineers.