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    Home » Crypto News » Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

    Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

    Author: Jordan Lyanchev

    Last Updated Nov 27, 2020 @ 08:30

    The long-anticipated launch of Facebook’s Libra could arrive as early as January 2021 but as a trimmed-down version of the original idea.

    • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
    • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
    • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
    • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
    • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
    • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
    • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

    Featured Image Courtesy of AlJazeera

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    Tags: Diem (Libra) Diem Association (Libra) Facebook (META)
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    About The Author

    Jordan Lyanchev
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    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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