This Sunday, the COO of Facebook Libra’s cryptocurrency wallet, Calibra, had said that the company has absolutely no connection to the current trading of the Libra stablecoin.
In fact, COO Tomer Barel had even said that the Libra tokens “don’t exist yet,” speaking at the Ethereal Summit this Sunday. However, there has been news of secondary trading markets regarding the Libra asset in which institutional and other accredited investors participate in trading them.
Improper Use of Libra
These assets aren’t meant for trading right now and are supposed to be handed out to the participating members of the Libra Association – companies like MasterCard and PayPal. However, no participants have access to the tokens just yet.
“If someone is selling them, it’s on their own and it’s their problem,” says Barel, who left PayPal last year to work at Calibra. “At the moment, yes [they are selling thin air.] Maybe they are selling a promise that in the future they will have the tokens but, at the moment, there are no investment tokens.”
Possibly Tradable Assets
Of course, this leaves one to wonder what the Libra tokens will even be able to do. As stablecoins, these tokens aren’t traditional cryptocurrency assets like Bitcoin, for example. They very well may not trade on a usual exchange, though Barel says that they “would hope” the Libra Association allows Calibra tradable assets. “This is something that the members of the Libra Association will have to discuss,” he says.
During the same conference, Barel had said that Libra couldn’t be successful without blockchain technology. He claims that the lack of a central third party ensures that users can trust Facebook despite their past privacy issues. The COO also states that the social media side of Facebook will be held apart from Libra, despite the social media giant developing the majority of it.
What do you think about the upcoming Libra asset? Will Facebook have more of a hand in the project than they say? Let us know your thoughts in the comments below.
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