Facebook’s ‘consortium’ may lose its banking virginity.
The cryptocurrency project launched last month by the social media giant has been seen as the death knell for big banks. However, some have diverged, veering closer to Facebook rather than chiding away. The Royal Bank of Scotland [RBS] is one such player.
According to Yahoo Finance, RBS has entered into discussions with Facebook about Project Libra and how it could be a prominent player on the platform. Prior to the launch of Libra, Facebook announced the creation of a ‘consortium,’ which would control the internal governance of Libra to give it that decentralized touch.
It should be noted that this ‘consortium’ has a $10 million buy-in and include the likes of Mastercard, Visa, Uber, Lyft, PayPal, Coinbase and more. David Marcus, Head of the Facebook cryptocurrency project, stated that one of the main revenue models of Libra would be to allow these players to develop on the platform. Read More at AMBCrypto...