eToro, one of the leading social trading platforms, published its analysis of the Libra whitepaper, saying that it was a seismic moment for global finance. The platform would be listing Libra both on their crypto exchange eToroX and their trading and investment platform eToro.com.
FAANG company enters finance
Facebook’s Libra has been one of the most highly debated and widely anticipated projects in the crypto industry. After the social media giant published the Libra whitepaper, some of the industry’s brightest minds and most successful platforms have offered their take on Facebook’s stablecoin.
Despite the major controversy that surrounded the company in the past year—especially around user privacy—the sentiment towards Libra was still mixed, with many lauding the move. eToro, one of the leading social trading and multi-asset brokerage companies of the world, was among those who welcomed Libra.
The company called Libra “a seismic moment for global finance,” saying that Facebook started a revolution that would open up money to everyone, regardless of national boundaries.
This is the first time one of the FAANGs (the five best performing tech company stocks—Facebook, Apple, Amazon, Netflix, and Google) has made a significant move into finance, the eToro pointed out. The fact that this was done through blockchain technology makes it an even more important milestone.
A noble mission to empower the unbanked
While Facebook’s new crypto endeavor is by far the biggest blockchain project today, eToro believes that it is just the beginning of a bigger revolution. The company said that other tech giants are expected to follow suit as blockchain’s potential to disrupt traditional finance becomes more obvious.
With a 2 billion-strong user base, Facebook is in a unique position to create one of the largest financial platforms in the world—one that could leave PayPal and the like in the dust. Libra could bring greater financial inclusion and greater access to the digital economy to the 2.5 billion unbanked people in the world.
Libra could also open up new possibilities for people using less liquid and inefficient local currencies, as it would grant them the financial freedom they otherwise couldn’t have with their countries’ native currencies.
The company said:
“Crypto adoption is about more than money. It’s about global and local politics and the separation of state and money. It can be a powerful tool—hopefully for good.”
Libra’s mission echoes that of eToro’s GoodDollar, a decentralized cryptocurrency that aims to make universal basic income work on a global scale. While GoodDollar wouldn’t be a non-profit project, the notion of helping marginalized users gain access to economic freedom is shared with Libra.
Despite the glowing review, the company did find several issues with Libra. It said that its main weakness would be the usability and user experience (UX) of the platform. With the world of cryptocurrencies still too technical for the broader public, it would have to evolve in order to reach mass adoption.
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