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Fed to Hold Facebook’s Crypto Coin to ‘High’ Bar: Powell

“The U.S. Federal Reserve is looking carefully at Facebook’s planned cryptocurrency Libra, and will hold it to high standards regarding protecting consumers and regulation, Federal Reserve Chairman Jerome Powell said on Tuesday. “Libra’s a new thing; we are looking at it very carefully,” Powell said in response to an audience question after a talk at […]

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Banks Stay on Sidelines for Facebook Coin After Apple Pay Struggle

“The Libra Association, the governing body for the coin, is in talks with lenders around the world to join its ranks. Banks are mostly keeping their distance after seeing tepid consumer reaction to digital wallets such as Apple Pay and regulatory scrutiny of digital currencies.    “If Facebook is able to create mass adoption on […]
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Companies

Facebook’s Cryptocurrency Partners Revealed—we Obtained the Entire List of Inaugural Backers – The Block

“Facebook has been quietly building out its cryptocurrency for over a year, and it looks like that time has been well spent, enlisting the support of some of the most prominent companies across payments, retail, and technology. As recently reported by The Wall Street Journal, Facebook’s cryptocurrency will be governed by a consortium of firms […]
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Companies

Facebook Forms Swiss Fintech Firm With Payments Focus

“Facebook has set up a new financial technology company in Switzerland focusing on blockchain and payments as well as data analytics and investing, Geneva’s commercial register shows.  Libra Networks, with Facebook Global Holdings as stakeholder, was registered in Geneva on May 2 to provide financial and technology services and develop related hardware and software, plans […]
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Companies

Regulators Have Doubts About Facebook Cryptocurrency. So Do Its Partners.

“One of the biggest selling points of Facebook’s ambitious plans for its new cryptocurrency, Libra, was that the social media company had 27 partners, including prominent outfits like Visa, Mastercard and Uber, helping out on the project. But some of those partners are approaching Libra warily. They signed nonbinding agreements to join the effort partly […]
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Companies

House Lawmakers Officially Ask Facebook to Put Libra Cryptocurrency Project on Hold

“House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system . Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move […]
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Companies

Why Each Libra Member’s Mutiny Hurts Facebook

“There’s a strategic cost to the defection of Visa, Stripe, eBay, and more from the Facebook-led cryptocurrency Libra Association. They’re not just names dropping off a list. Each potentially made Libra more useful, ubiquitous, or reputable. Now they could become obstacles to the token’s launch or growth. Fearing regulators’ inquiries not just into their Libra involvement […]
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Companies

The Ties That Bind Facebook’s Libra

“As one member among many, Facebook’s role in governance of the association will be equal to that of its peers,” Marcus continued. “Facebook will have only one vote and will not be in a position to control the wholly independent organization.” But a WIRED analysis finds that 15 of the 27 founding members of the […]
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Companies

Facebook Pay Launches on Facebook and Messenger, Instagram and WhatsApp to Follow

“Facebook has unveiled a unified payments service designed to provide “a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp”. “People already use payments across our apps to shop, donate to causes and send money to each other,” the company says. “Facebook Pay will make these transactions easier while continuing to ensure […]