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Facebook's David Marcus on building trust for Libra cryptocurrency



CNBC on Tuesday, October 30, 2009 CNBC on Tuesday, October 22, 2009

"To earn people's trust, we are going to make strong." David Marcus, Calibra division's Facebook headlines, said: "If people do not want to Trust us, "Marcus said in a" Squawk Box "interview.

At a time when it is trying to rebuild a user's trust, privacy and security scandals, Facebook announced that it will launch the first half of 2020. [AnambitiousendeavorstocreateLibraandlaunchitinthefirsthalfof2020[19659004] The goal – using blockchain, the technology underlying bitcoin on other cryptocurrencies ̵

1; is to make it easy to send money across the world as it is to send a photo. Libra wants to be backed by more stable government-backed money.

The Libra currency does not want to be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations.

We painstakingly removed ourselves from governing this network, "said Marcus, the former PayPal president whom Facebook hired in 2014 to lead his messenger app.

The Calibra digital wallet wants to be the way Facebook eventually makes money through financial services such as loans. However, Marcus said those add-ons will not happen anytime soon.

Marcus said the latest venture is "very close" to Facebook's mission of connecting people across the world. People in the U.S. are privileged when it comes to having a stable currency and trusted institutions, he said. "But that's not the case for many people across the world."

He said the new currency would lower the barrier for cross-border payments.

"We felt it was time to try something new, and this is the beginning of a long journey in launching this new network," Marcus said , Other cryptocurrencies are "investment vehicles or assets rather than being a great medium of exchange." [Libra] is really designed from the ground up for a great medium of exchange payments. "

Shares of Facebook opened Tuesday's trading up 2.3%, soaring more than 4% to $ 189 per share on Monday ahead of the announcement. The stock has gained 44% this year.

Libra is backed by other payment companies, including Visa and PayPal and tech giants eBay, Lyft, Spotify and Uber. The 27 companies in total each want to invest a minimum of $ 10 million to fund the project, according to The New York Times.

boost the price of bitcoin. The world's largest digital coin jumped across the $ 9,000 level on Sunday, the thought that the crypto would add legitimacy to the industry. Bitcoin raised ground Monday as well, but slipped some in Tuesday trading.


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