Crypto exchange Binance challenges Facebook's Libra with its own platform (2024)

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Crypto exchange Binance challenges Facebook's Libra with its own platform? ›

Crypto exchange Binance challenges Facebook's Libra with its own platform. Binance wants governments and corporations to build stablecoins on its Binance Chain. Facebook's Libra hasn't even properly launched yet (and it won't for many more months), and competitors are already cropping up.

Using Libra Coin for Transactions

You buy the currency through a digital wallet and use it for various online transactions. Whether sending money to friends or buying goods online, investing in Libra coin aims to make these processes smoother. Its global reach means you can send money across borders without hefty fees.

Libra was a cryptocurrency created by Facebook, designed to be a simple, low-fee stablecoin to be used around the world.

Diem (formerly known as Libra) was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Facebook. The plan also included a private currency implemented as a cryptocurrency.

This Libra Protocol (LBR) is currently not available on Binance for purchase or trade.

Launched as Libra in 2019, the project quickly ran into opposition from policy-makers. The association said it became clear from "dialogue with federal regulators" that the project could not move ahead.

The Diem project, launched by Facebook as "Libra" in 2019, is shutting down following scrutiny from financial regulators. The so-called stablecoin was to be pegged to the US dollar.

That might look like becoming an entrepreneur and hiring people they know, or maybe working remotely to allow a seamless balance of work and home life. Even though Libra loves nice things, he or she considers that the icing on the cake, and will make all career and financial decisions based on overall quality of life.

You can refer to Coinmarketcap.com's Markets section to find the list of centralized exchange the coin is listed on. Another option to buy the Libra Protocol is through a decentralized exchange (DEX) which supports the blockchain where your Libra Protocol resides.

Facebook says Libra is a “global currency and financial infrastructure”. In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies.

What is the point of Libra? ›

Libra (September 23 - October 22) is an air sign represented by the scales (interestingly, the only inanimate object of the zodiac), an association that reflects Libra's fixation on balance and harmony. Libra is obsessed with symmetry and strives to create equilibrium in all areas of life.

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