Libra Cryptocurrency

PayPal's stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. PayPal this month said it was launching PayPal USD, a crypto token pegged to the US dollar, making it the second major global company to launch a stable...

Payments giant PayPal said on Monday it has launched a US dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. While stablecoins have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem. 

Former Meta personnel and key players from the company’s now-defunct stablecoin project Diem have secured $200 million (roughly Rs. 1,525 crore) to build a new project called Aptos — a decentralised Layer 1 blockchain.

The Facebook-backed digital currency project Diem announced Monday the winding down and $182-million (roughly Rs. 1,360 crore) sale of its technology, capping a years-long initiative that drew significant concern from regulators.

Marcus, the leader of Facebook's "F2" financial division and the co-creator of its Diem digital currency project, is stepping down. He joined Facebook in 2014 after two years as president of PayPal.

Facebook selected USDP in its pilot program because of its track record, and regulatory and consumer protection attributes.

Facebook is considering building products and features related to non-fungible tokens (NFTs), the digital assets that have taken off with the rise of blockchain technology.

Digital currency group Diem Association, formerly known as Facebook's Libra project, plans to launch a US dollar stablecoin as it scales back its global ambitions to focus on the United States, the group said.

Facebook-backed cryptocurrency Libra has been rebranded Diem in a renewed effort to gain regulatory approval by stressing the project's independence.

Facebook's Libra cryptocurrency is reportedly readying to launch as early as January. The Geneva-based Libra Association that will issue and govern Libra plans to launch a single digital coin backed by the dollar.

PayPal said on Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network.

Another former HSBC executive is heading to the Facebook-backed Libra cryptocurrency project, joining as chief financial officer of a unit tasked with managing the planned digital currency's payments system.

In April, Libra's governing body said the planned digital currency will be linked to individual national currencies and overseen by global watchdogs, in a scaled-back revamp it hopes will win regulatory approval.

"Stuart brings to the Libra Association the rare combination of an accomplished leader in both the government, where he enjoyed bipartisan respect and influence, and the private sector where he managed teams spread across the globe," said Katie Haun, a member of the Libra board.

Facebook's planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.

PayPal's stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. PayPal this month said it was launching PayPal USD, a crypto token pegged to the US dollar, making it the second major global company to launch a stable...

Payments giant PayPal said on Monday it has launched a US dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. While stablecoins have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem. 

Former Meta personnel and key players from the company’s now-defunct stablecoin project Diem have secured $200 million (roughly Rs. 1,525 crore) to build a new project called Aptos — a decentralised Layer 1 blockchain.

The Facebook-backed digital currency project Diem announced Monday the winding down and $182-million (roughly Rs. 1,360 crore) sale of its technology, capping a years-long initiative that drew significant concern from regulators.

Marcus, the leader of Facebook's "F2" financial division and the co-creator of its Diem digital currency project, is stepping down. He joined Facebook in 2014 after two years as president of PayPal.

Facebook selected USDP in its pilot program because of its track record, and regulatory and consumer protection attributes.

Facebook is considering building products and features related to non-fungible tokens (NFTs), the digital assets that have taken off with the rise of blockchain technology.

Digital currency group Diem Association, formerly known as Facebook's Libra project, plans to launch a US dollar stablecoin as it scales back its global ambitions to focus on the United States, the group said.

Facebook-backed cryptocurrency Libra has been rebranded Diem in a renewed effort to gain regulatory approval by stressing the project's independence.

Facebook's Libra cryptocurrency is reportedly readying to launch as early as January. The Geneva-based Libra Association that will issue and govern Libra plans to launch a single digital coin backed by the dollar.

PayPal said on Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network.

Another former HSBC executive is heading to the Facebook-backed Libra cryptocurrency project, joining as chief financial officer of a unit tasked with managing the planned digital currency's payments system.

In April, Libra's governing body said the planned digital currency will be linked to individual national currencies and overseen by global watchdogs, in a scaled-back revamp it hopes will win regulatory approval.

"Stuart brings to the Libra Association the rare combination of an accomplished leader in both the government, where he enjoyed bipartisan respect and influence, and the private sector where he managed teams spread across the globe," said Katie Haun, a member of the Libra board.

Facebook's planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.