Facebook Joining The Cryptocurrency Crusade
This week, Facebook (FB) announced that they are moving forward with their cryptocurrency called Libra. It is reported to be governed by the Libra Association, a group of companies with an equal stake and say in the management of the cryptocurrency. With 30 firms joining the group, Facebook also expects more than 70 to join in the future.
The world’s largest payment network Visa Inc. (NYSE: V) and Mastercard (MA) along with PayPal Holdings (PYPL) have joined the league. All the above three companies have had extensive experience in setting up payment networks and building customers confidence to use them and for businesses to accept them. Other than the above, International Companies, e-commerce companies, telecom giant like Vodafone Group Plc, Uber Technologies Inc., Lyft Inc., and Spotify Technology SA also signed onto Libra. Peter Hazlehurst, head of payments at Uber stated “Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology while reducing the costs for everyone,”
Banks like JPMorgan Chase & Co. (JPM), Bank of America Corp. (BA) and Citigroup (C) have currently chosen to opt out from Libra.
It is also reported that some of the largest U.S technology companies like Microsoft Corp. (MSFT), Apple Inc. (AAPL), Alphabet Inc.’s Google (GOOG) and Amazon.com (AMZN) already have their own digital payment network or are experimenting with blockchain technology & have avoided any association with the social media giant after Facebook (FB) after it fell under criticism for privacy misuse.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Their mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage, Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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