What consumers need to know about Libra, Facebook's new cryptocurrency. (via CNBCMakeIt)
"For large chunks of the world, Libra will be about having a superior form of payment and wealth preservation," says Colas. Representatives from Libra did not respond to CNBC Make It's request for comment.Libra will be managed by a Swiss-based nonprofit. It is currently backed by Facebook and more than two dozen, including Ebay, Uber, Lyft, Spotify, Visa, Mastercard, PayPal, Coinbase and venture capital firm Andreessen Horowitz.
Currently, Libra is not "pegged" to a single currency. Its value will depend on the value of its underlying assets, which may fluctuate. Still, this will reportedly help it be less volatile than other cryptos.How to set up a digital wallet Transaction fees will likely be lower than those currently charged by traditional finance companies, Colas notes, which will primarily benefit merchants, but also people who, for example, routinely send money to family members abroad and are forced to rely on expensive wire transfer services.
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